Question

Give the meaning of indifference curve. Discuss its shape with the help of schedule.

Answer 1

Answer:

Indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility. Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utilities

Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utility. Description: Graphically, the indifference curve is drawn as a downward sloping convex to the origin. The graph shows a combination of two goods that the consumer consumes.

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