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Why is the Graph of the Indifference Curve Convex to the Origin and not Concave?
Wiki User
∙ 16y ago
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.
Wiki User
∙ 16y ago
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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
What are characteristics of an indifference curve?
indifferent curves are convex to their origin, they do not intersect, and have a negative slope
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.
What is indifference curve approach?
indifference curve approach show the combination of two goods that an individual would be willing to buy, and which would make the buyer equally satisfied (or different). indifference curve assume that more is preferred to less. thay are convex as seen from the origin. the indifference curve form an entire map of various level of satisfaction..
Why is Production Possibility Curve concave to the origin?
I have never heard that the demand curve must be concave. In fact, it is most often modeled as either linear or convex. Common convex specifications include log-linear and constant-elasticity demand functions. A number of empirical papers attempt to estimate the shape of the demand curve for specific products but I am not familiar with anyone concluding that demand is concave generally.
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
What are characteristics of an indifference curve?
indifferent curves are convex to their origin, they do not intersect, and have a negative slope
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.
What is indifference curve approach?
indifference curve approach show the combination of two goods that an individual would be willing to buy, and which would make the buyer equally satisfied (or different). indifference curve assume that more is preferred to less. thay are convex as seen from the origin. the indifference curve form an entire map of various level of satisfaction..
What do you mean by convex mirror and concave mirror?
concave and convex refer to the curve of the mirror. if it is concave, it curves in at the middle, like a 'cave'. if it is convex, it curves out at the middle, like an eye. think of a spoon - one side is convex, the other is concave. this curve will affect the image the mirror shows.
What are the two types of curve mirrors?
concave (bulges inward) convex (bulges outward)
In which direction does a convex lens bend?
Convex lenses protrude or curve out, concave lenses curve in, like a cave...
What is the difference between a concave and a convex polygon?
A concave polygon has lines that curve inwards whereas a convex polygon has lines that curve outwards and they are found on and inside spheres
What are the differences between concave and convex lenses?
Concave lenses curve inwardly.Convex lenses curve outwardly.* See related links.
Why is Production Possibility Curve concave to the origin?
I have never heard that the demand curve must be concave. In fact, it is most often modeled as either linear or convex. Common convex specifications include log-linear and constant-elasticity demand functions. A number of empirical papers attempt to estimate the shape of the demand curve for specific products but I am not familiar with anyone concluding that demand is concave generally.
Are contact lenses concave or convex?
contact lenses are concave because their sides curve inward
Types of lenses?
Convex lenses are curved inward. Concave lenses curve outward.
