Question

20. Why does an indifference curve slope
downwards?
21. Why are indifference curves always convex to
the origin?
22. State the conditions of consumer's equilibrium
according to ordinal utility analysis.
23. What is the difference between budget line and
budget set?
24. Discuss two differences between cardinal utility
and ordinal utility
(ISC 2016)
25. How many units of a commodity will a consumer
consume if he is not willing to pay any price for
the commodity?​

Answer 1

Answer:

20. indifference curve slopes downwards because in order to consume more units of x good the consumer must give up some quantityvof y good so that consumer remains on the same level of satisfaction at each of an indifferencevcurve

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