Question

2. What is an indifference curve? How is it different from indifference map?
​

Answer 1

Answer:

An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility. Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utility.

A graph of indifference curves for several utility levels of an individual consumer is called an indifference map. In an indifference map, indifference curves are parallel and a higher indifference curve represents a higher level of satisfaction.