the same total satisfaction :)
As quantity consumed of one good (X) increases, total utility (satisfaction) would increase if not offset by a decrease in the quantity consumed of the other good (Y). Satisfaction, or utility must be offset so that at each point on the curve 'indifference' is retained.
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.
To effectively draw an indifference curve, one should plot different combinations of two goods on a graph where the consumer is equally satisfied. The curve should be downward sloping and convex to the origin, showing the trade-off between the two goods.
To analyze consumer preferences and make informed decisions using the indifference curve grapher, you can plot different combinations of two goods on the graph to see the consumer's preferences. The indifference curves show combinations of goods that provide the same level of satisfaction. By comparing different indifference curves, you can determine the consumer's preferences and make decisions based on their utility maximization.
two indifference curve never cut each other..
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
As quantity consumed of one good (X) increases, total utility (satisfaction) would increase if not offset by a decrease in the quantity consumed of the other good (Y). Satisfaction, or utility must be offset so that at each point on the curve 'indifference' is retained.
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.
To effectively draw an indifference curve, one should plot different combinations of two goods on a graph where the consumer is equally satisfied. The curve should be downward sloping and convex to the origin, showing the trade-off between the two goods.
two indifference curve never cut each other..
To analyze consumer preferences and make informed decisions using the indifference curve grapher, you can plot different combinations of two goods on the graph to see the consumer's preferences. The indifference curves show combinations of goods that provide the same level of satisfaction. By comparing different indifference curves, you can determine the consumer's preferences and make decisions based on their utility maximization.
what will be the shape of indifference curve if one of the two goods is a free commodity
a single indifference curve cannot cross itself.
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
indifference curve is the loci of points, where each represents a combination of goods in different ratios but gives equal amount of satisfaction. indifference curves help us to know which combinations of goods give us equal satisfaction and which increase it. they dont intersect eachother thus its not possible for two indifference curves to have the same level of satisfaction.
Explain the consumer equilibrium with the help of indifference curve?
the indifference curve has its usual negatively sloping shape