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.
two indifference curve never cut each other..
a single indifference curve cannot cross itself.
what will be the shape of indifference curve if one of the two goods is a free commodity
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
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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.
two indifference curve never cut each other..
a single indifference curve cannot cross itself.
what will be the shape of indifference curve if one of the two goods is a free commodity
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?
the indifference curve has its usual negatively sloping shape
Yes. The height of an indifference curve is the marginal rate of substitution.
indifference curves slopes downward to the right
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.
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