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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.
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What are characteristics of an indifference curve?
indifferent curves are convex to their origin, they do not intersect, and have a negative slope
Why is the Graph of the Indifference Curve Convex to the Origin and not Concave?
an indifference curves are convex not concave bcz: when we are using the two coomodities, both are sbtitute to each other, consumer will either use one or the other, he has to select one according to his taste, so MRS is diminishing, 2. the indifference curves are convex to the ogigan, this implies that the slope of IC is decreased as we move from let to right in the graph. this axom is derved from the point that MRS s decreasing. an indifference curves are convex not concave bcz: when we are using the two coomodities, both are sbtitute to each other, consumer will either use one or the other, he has to select one according to his taste, so MRS is diminishing, 2. the indifference curves are convex to the ogigan, this implies that the slope of IC is decreased as we move from let to right in the graph. this axom is derved from the point that MRS s decreasing.
How does the concept of convex indifference curves impact consumer preferences and decision-making?
The concept of convex indifference curves affects consumer preferences and decision-making by showing that as a consumer consumes more of one good, they are willing to give up less of another good to maintain the same level of satisfaction. This influences how consumers allocate their resources and make choices based on their preferences.
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 have thick indifference curves?
Indifference curves are not supposed to have any thickness to them at all. It would not be rational if an indifference curve had thickness to it. It is supposed to look like a really thin pancake with only one side.
What are characteristics of an indifference curve?
indifferent curves are convex to their origin, they do not intersect, and have a negative slope
Why is the Graph of the Indifference Curve Convex to the Origin and not Concave?
an indifference curves are convex not concave bcz: when we are using the two coomodities, both are sbtitute to each other, consumer will either use one or the other, he has to select one according to his taste, so MRS is diminishing, 2. the indifference curves are convex to the ogigan, this implies that the slope of IC is decreased as we move from let to right in the graph. this axom is derved from the point that MRS s decreasing. an indifference curves are convex not concave bcz: when we are using the two coomodities, both are sbtitute to each other, consumer will either use one or the other, he has to select one according to his taste, so MRS is diminishing, 2. the indifference curves are convex to the ogigan, this implies that the slope of IC is decreased as we move from let to right in the graph. this axom is derved from the point that MRS s decreasing.
How does the concept of convex indifference curves impact consumer preferences and decision-making?
The concept of convex indifference curves affects consumer preferences and decision-making by showing that as a consumer consumes more of one good, they are willing to give up less of another good to maintain the same level of satisfaction. This influences how consumers allocate their resources and make choices based on their preferences.
Slope of indifference curve?
indifference curves slopes downward to the right
What is a Mirror that curves out in the middle?
A concave mirror curves inward in the middle, while a convex mirror curves outward in the middle.
A mirror or lens that curves outward is?
convex
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
What is the opposite of concave?
The opposite of concave is convex. A concave surface curves inward, while a convex surface curves outward.
Is it possible to have thick indifference curves?
Indifference curves are not supposed to have any thickness to them at all. It would not be rational if an indifference curve had thickness to it. It is supposed to look like a really thin pancake with only one side.
What types of indifference curve?
Indifference curves represent combinations of two goods that provide the same level of utility or satisfaction to a consumer. They typically exhibit three main types: convex (which reflect diminishing marginal rates of substitution), linear (indicating perfect substitutes), and L-shaped (indicating perfect complements). Convex curves show that as a consumer substitutes one good for another, they require increasingly larger amounts of one good to maintain the same utility level. Linear curves imply that goods can be substituted at a constant rate, while L-shaped curves suggest that the goods must be consumed in fixed proportions.
A convex mirror curves?
outward
What is Non convex?
It curves inwards :)
