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What is the derivation of an individual demand curve?
income
Intuitive derivation of individual demand curve using marginal utility?
how is a demand curve derived from individual demand curve ?
Who has developed the ordinal approach?
Hicks and Allen developed Ordinal approach or Indifference Curve Approach.
What is indifference curve approach?
indifference curve approach show the combination of two goods that an individual would be willing to buy, and which would make the buyer equally satisfied (or different). indifference curve assume that more is preferred to less. thay are convex as seen from the origin. the indifference curve form an entire map of various level of satisfaction..
Indifference curve analysis is not much in use because it only tells us that demand curve has a negative slope except when they don't .?
indifference curve analysis is not much in use because it only tells us that demand curve has a negative slope except when they don't ....
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.
How the indifference curve and budget line apparatus are used to derive a consumer's demand curve?
Indifference curve: series of curve reflecting the preference structure of the individual. Budget constraint: the material resource constraint the individual faces in choices. The demand curve, being inherently designated as rational, seeks to maximise utility. Thus, in a Walrasian equilibrium, the consumer construct his demand curve at the points where his contract curve equals to his budget constraint (or, in mathematical terms, when the constraint and optimal indifferences are tangent to one another). These tangencies construct a curve which is the individual's demand function.
Features of indifference curve?
two indifference curve never cut each other..
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?
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