Question

Define indifference curve. State the properties of indifference curve.

Answer 1

An indifference curve is one where different points on it show those bundles of goods which give equal satisfaction to the consumer.

Properties of indifference curve are:

#An indifference curve slopes downwards fro left to right that is it has negative slopes. it is because of monotonic preference .

#An  indifference curve is convex to the origin. it is because of diminishing marginal rate of substitution.

#Every IC curve to the right represents higher level of satisfaction.

#Two IC curve never intersect each other.

Answer 2

Indifference curve :-

Indifference curve is the set of combination of two goods offering same level of satisfaction at all points.

Properties of IC.

1. IC slopes downward
2. IC is convex to the origin
3. Higher IC show higher level of satisfaction
4. IC never cut's or intersect
5. IC never touch x axis and y axis.

hope it helps