Question

Define indifference Curve ? Explain the properties Hift or characterstic of indifference curves?​

Answer 1

Explanation:

An indifference curve shows a combination of two goods that give a consumer equal satisfaction and utility thereby making the consumer indifferent. Along the curve, the consumer has an equal preference for the combinations of goods shown—i.e. is indifferent about any combination of goods on the curve.

Answer 2

Question:-

Define indifference Curve ?

Answer:-

An indifference curve is a convex shaped curve depicting the graphical representation of the different combinations deriving the same level of satisfaction to the consumer by considering two commodities. It functions on the principle of the diminishing marginal rate of substitution (MRS).

$\quad$

Question:-

Explain the properties Shift or characterstic of indifference curves?

Answer:-

The four properties of indifference curves are:

• indifference curves can never cross
• the farther out an indifference curve lies
• the higher the utility it indicates
• indifference curves always slope downwards, and
• indifference curves are convex.