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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.
What else can I help you with?
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 can one graph indifference curves from utility functions?
To graph indifference curves from utility functions, you can plot different combinations of two goods that give the same level of satisfaction or utility to a consumer. Each indifference curve represents a different level of utility, with higher curves indicating higher levels of satisfaction. By using the utility function to calculate the level of satisfaction at different combinations of goods, you can plot these points to create the indifference curves on a graph.
Features of indifference curve?
two indifference curve never cut each other..
What is shape of indifference curve?
what will be the shape of indifference curve if one of the two goods is a free commodity
An indifference curve consists of quantity combinations of two goods that yield?
the same total satisfaction :)
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 can one graph indifference curves from utility functions?
To graph indifference curves from utility functions, you can plot different combinations of two goods that give the same level of satisfaction or utility to a consumer. Each indifference curve represents a different level of utility, with higher curves indicating higher levels of satisfaction. By using the utility function to calculate the level of satisfaction at different combinations of goods, you can plot these points to create the indifference curves on a graph.
Features of indifference curve?
two indifference curve never cut each other..
What is shape of indifference curve?
what will be the shape of indifference curve if one of the two goods is a free commodity
Why indifference curve do not intersect each other?
Indifference curves do not intersect each other because each curve represents a different level of utility or satisfaction for a consumer. If two curves were to intersect, it would imply that the same combination of goods provides two different levels of utility, which is contradictory. Therefore, each curve must maintain a distinct and consistent level of satisfaction, ensuring that higher curves represent greater utility than lower ones. This reinforces the fundamental assumption of consumer preferences in economics.
what is the indifference curve for two goods with imperfect substitutes?
the indifference curve has its usual negatively sloping shape
An indifference curve consists of quantity combinations of two goods that yield?
the same total satisfaction :)
How can I use the indifference curve grapher to analyze consumer preferences and make informed decisions?
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 are the influence of marginal rate substitution on indifference curve?
the two difference of curve is radios
Why indifference curve cannot intersect?
Because if they intersected, they would not be "indiffernece" curves. Imagine two intersecting ICs, call them x and y. That means that all points on y have the same utility. Also, all the points on x have the same utility, but that number is different from x. (From this we know that X1 = X2 = X3 = X4 etc etc and the same thing with Y1 = Y2 etc etc where the subscripts are points on the curves). We can refer to each curve by its utility value, call them x and y. So being that they are different curves, we expect them to have different utilities. So, U(x) != U(y). In words, the utility of x is never equal to the utility of y. Now imagine a point at which they cross. We would obviously have a point, let's call it A, where this does not hold true. More importantly though, we need to remember that ALL POINTS ON AN INDIFFERENCE CURVE HAVE THE SAME UTILITY. So back to this interesection at point A, we get X1 = X2 = XA. Also, Y1 = Y2=YA where A is the intersection. From this, we transitively know that X1 = X2 = Y1 = Y2. This creates on obvious problem. It would mean that every point on the two separate indifference curves would have the same utility, which is the complete opposite of the first rule of indifference curves, that all points on them have the same utility.
How does an indifference curve between two commodities where one is a bad and the other a good looks?
An indifference curve representing a scenario where one commodity is a good and the other is a bad slopes downward and is typically convex to the origin. The good is represented on one axis, while the bad is on the other. As you increase the quantity of the bad, you need to consume more of the good to maintain the same level of overall satisfaction, resulting in a curve that reflects a trade-off between the two. The curve will never be upward sloping, as more of the bad decreases overall utility.
Indifference curve approach?
it shows that the consumer would buy two different good or service to get more utility from them and for this purpose he prefer one good more than other
