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What is the difference between indifference curve and isoquent?
Wiki User
∙ 13y ago
The former is related to the consumer problem whereas the latter comes from the producer problem.
Consumer: What is the amount of goods to consume with his budget constraint
This curve represents the combinations of goods between which the consumer is indifferent.
Producer: What to produce with the given amount of productive factors.
The isoquant shows the combinations of factors with which the firm get the same production.
Wiki User
∙ 13y ago
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What is difference between indifference curve and budget line?
budget line shows purchasing power of an consumer but indifference curve show willingness of consumer for two commodities.
What is the different between indifference map and indiffirence curve?
Indifference curve is a curve that shows consumption bundles that give the consumer the same level of satisfaction. Indifference map, on the other hand Indifference curve is a graph of two or more indifference curves.
What are the influence of marginal rate substitution on indifference curve?
the two difference of curve is radios
Distinguish between indifference curve and isoquants?
indifference curve is a combination of two commodities. where as, isoquant curve shows a relationship between of variable factor i.e. labour and fixed factor i.e. capital.
What is the tangent between a budget constraint and an indifference curve on an indifference map?
It is the equilibrium point of utility maximization.
What is difference between indifference curve and budget line?
budget line shows purchasing power of an consumer but indifference curve show willingness of consumer for two commodities.
What is the different between indifference map and indiffirence curve?
Indifference curve is a curve that shows consumption bundles that give the consumer the same level of satisfaction. Indifference map, on the other hand Indifference curve is a graph of two or more indifference curves.
What are the influence of marginal rate substitution on indifference curve?
the two difference of curve is radios
What is the difference between marginal utility and indifference curve?
Marginal utility is the satisfaction a consumer receives from consuming an additional unit of a good The indifference curve shows different combinations of 2 goods that the consumer is indifferent towards
Distinguish between indifference curve and isoquants?
indifference curve is a combination of two commodities. where as, isoquant curve shows a relationship between of variable factor i.e. labour and fixed factor i.e. capital.
What is the tangent between a budget constraint and an indifference curve on an indifference map?
It is the equilibrium point of utility maximization.
Features of indifference curve?
two indifference curve never cut each other..
What is the relationship between indifference curve and budget constraint?
The tangency point of Indifference curve and budget line shows the Marginal Rate of Substitution between X and Y commodities. Consumer's equilibrium is achieved at that point.
Can a single indifference curve cross itself?
a single indifference curve cannot cross itself.
What is shape of indifference curve?
what will be the shape of indifference curve if one of the two goods is a free commodity
What are the major characteristics of an indifference curve?
The three major characteristics of an indifference curve are: 1. They are negatively sloped 2. They are convex to the origin 3. Indifference curve cannot be intersected
Explain the consumer equilibrium with the help of indifference curve?
Explain the consumer equilibrium with the help of indifference curve?
