Explain the types of indifference curve.
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In economics, an indifference curveconnects points on a graph representing different quantities of two goods, points between which a consumer is indifferent. ... In other words, an indifference curve is the locus of various points showingdifferent combinations of two goods providing equal utility to the consumer.
sahanasuvarna:
Actually i need types of indifference curve
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Types of Curves
Based on these properties, curves are classified into two types.
They are:
Open curve
Closed curve
Open Curve
Open curve is defined as a curve whose ends do not meet. Example is parabola, hyperbola.
Closed Curve
Closed curves are curves whose ends are joined. Closed curves do not have end points. Examples of closed curves are ellipse and circle.
Based on these properties, curves are classified into two types.
They are:
Open curve
Closed curve
Open Curve
Open curve is defined as a curve whose ends do not meet. Example is parabola, hyperbola.
Closed Curve
Closed curves are curves whose ends are joined. Closed curves do not have end points. Examples of closed curves are ellipse and circle.
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