Question

(a) Indifference Curve Slope negatively.

Explain. (3)

(b) Indifference Curve is convex to origin.

Explain. (3)​

Answer 1

Answer:

Indifference Curve Slope negatively.

Explain. (3)

(b) Indifference Curve is convex to origin.

Explain. (3)

Answer 2

Answer:

The negative slope of the indifference curve implies that the marginal rate of substitution is always positive; Complete, such that all points on an indifference curve are ranked equally preferred and ranked either more or less preferred than every other point not on the curve.

Explanation:

The indifference curves are convex to the origin because of the diminishing marginal rate of substitution. The MRS diminishes because of the decline in the marginal utility, which means with more and more consumption of one commodity, the customer’s utility starts declining and he is not willing to consume it more at the cost of the other commodity.For example, let’s say there are two chocolates, dairy milk, and Nestle, with more and more consumption of dairy milk chocolates the utility continues to decline, and the customer will no more give up the Nestle chocolates to buy the dairy milk. Here, MRS shows the slope of the indifference curve.

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