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A consumer's indifference curve represents a graphical illustration of different combinations of two goods that provide the same level of utility or satisfaction to the consumer. Points along the curve indicate that the consumer is indifferent between those combinations, meaning they would derive equal satisfaction from any of them. The shape of the curve typically reflects the consumer's preferences and the rate at which they are willing to substitute one good for another. Indifference curves never intersect and are typically convex to the origin, illustrating diminishing marginal rates of substitution.
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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.
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
Can a single indifference curve cross itself?
a single indifference curve cannot cross itself.
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
Do the consumers are behaving rationally are meaning the convexity of an indifference curve?
i don not kno
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.
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
Can a single indifference curve cross itself?
a single indifference curve cannot cross itself.
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?
what is the indifference curve for two goods with imperfect substitutes?
the indifference curve has its usual negatively sloping shape
Is the height of an indifference curve the marginal rate of substitution?
Yes. The height of an indifference curve is the marginal rate of substitution.
Slope of indifference curve?
indifference curves slopes downward to the right
What are the characteristics of indifference curve?
1) Concave down. 2) Always decreasing. 3) Represents a fixed utility value (and therefore can never intersect another indifference curve). 4) Is considered equally optimal any where on the curve. 5) The lower the indifference curve is, the less optimal it is. The optimal indifference curve is the one furthest away from the origin.
Why does an indifference curve never meet?
No indifference curve can intersect because all points on indifference curve are ranked equally prefered and ranked either or less more prefered than every other point on the curve.rt
