Question

explain any 3 properties of IC​

Answer 1

Answer:

Ice is a unique substance because its solid state — ice — is less dense than its liquid state. Physical properties are characteristics of a substance. They do not change. Physical properties include color, smell, freezing/melting point, and density.

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Answer 2

Answer:

Some of the properties are: 1. They Slope Negatively or Slope Downwards from the Left to the Right 2. They are Convex to the Origin of Axes 3. Every Indifference Curve to the right represents Higher Level of Satisfaction than that of the Proceeding One and Others.

1. They Slope Negatively or Slope Downwards from the Left to the Right:

This is an important feature of Indifference Curve. If the total satisfaction is to remain the same, the consumer must part with a diminishing number of bananas as he gets as increasing stock of oranges. The loss of satisfaction to the consumer on account of the downward movement must be made up by the gain through the rightward movement. As such the Indifference Curve must slope downwards to the right.

2. They are Convex to the Origin of Axes:

The second property of the Indifference Curve is that they are generally convex to the origin of the axes—the left hand portion is normally steep while the right hand portion is relatively flat. This property of the Indifference Curve is derived from the Law of Diminishing Marginal Rate of Substitution. The marginal rate of substitution neither increases nor does it remain constant.

If the marginal rate of substitution had increased, the Indifference Curve would have been concave to the origin. If the marginal rate of substitu­tion had remained constant, the Indifference Curve would have been a diagonal straight line at 45° angle. The marginal do not rate of substitution increases nor does it remain constant. The marginal rate of substitu­tion on the contrary goes on diminishing. So the Indifference Curve has to be convex to the origin of axes.

3. Every Indifference Curve to the right represents Higher Level of Satisfaction than that of the Proceeding One:

Let us take two Indifference Curves IC1 and IC2 lying to the right of IC1. At the point P the consumer gets OM of oranges and ON of bananas. At the point Q though the number of bananas remains the same i.e., ON, yet the number of oranges increases from OM to OM1. The total satisfaction of the consumer is therefore bound to be greater at Q than at P.

Hence Q represents a more valued and preferred combination of oranges and bananas than P. As all the points on one Indifference Curve represents equal satisfac­tion, therefore every point on IC2 represents a combination, preferred to that represented by any point on IC. An Indifference Curve to the right represents a preferred position and therefore a consumer will always try to move on the indifference map as much to the right as possible.