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What are indifference curves explain it using a graph?
o Indifference curves are curves that have a negative slope and are bowed inward. Each point on the line has the same exact util value. In other words, a person would be the same amount of "happy" at each point on the indifference curve. There are an infinite amount of indifference curves on every graph. G2
Can two indifference curve have the same utility?
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.
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.
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 is the relationship between perfect substitutes and indifference curves?
Perfect substitutes are goods that can be easily exchanged for one another at a constant rate. Indifference curves represent combinations of goods that provide the same level of satisfaction to a consumer. In the case of perfect substitutes, the indifference curves are straight lines, indicating that the consumer is equally satisfied with any combination of the two goods.
Slope of indifference curve?
indifference curves slopes downward to the right
What are indifference curves explain it using a graph?
o Indifference curves are curves that have a negative slope and are bowed inward. Each point on the line has the same exact util value. In other words, a person would be the same amount of "happy" at each point on the indifference curve. There are an infinite amount of indifference curves on every graph. G2
Is it possible to use indifference curve to depict different kinds of preferences?
Indifference curves can indeed be used to depict different kinds of preferences. An indifference curve is really a graph that is used to show different bundles of goods.
Can two indifference curve have the same utility?
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.
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.
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 is the relationship between perfect substitutes and indifference curves?
Perfect substitutes are goods that can be easily exchanged for one another at a constant rate. Indifference curves represent combinations of goods that provide the same level of satisfaction to a consumer. In the case of perfect substitutes, the indifference curves are straight lines, indicating that the consumer is equally satisfied with any combination of the two goods.
Why are indifference curves convex?
Indifference curves are convex because of the principle of diminishing marginal rate of substitution. This means that as a person consumes more of one good, they are willing to give up less of another good to maintain the same level of satisfaction. This leads to a convex shape on the indifference curve.
What are characteristics of an indifference curve?
indifferent curves are convex to their origin, they do not intersect, and have a negative slope
Can indiffernt cuver cross?
Not at all sure about "indiffernt cuver" but indifference curves will not cross.
How do indifference curves differ for perfect substitutes compared to other types of goods?
Indifference curves for perfect substitutes are straight lines, indicating that the consumer is willing to trade one good for another at a constant rate. In contrast, indifference curves for other types of goods are typically curved, showing that the consumer's willingness to trade one good for another changes as they consume more of each good.
Why can't indifference curves intersect?
This is because the intersection would be impossible. If they crossed then they would have the same utility rather than being two different curves.
