Question

How many types of indifference curve are there in microeconomics?

Answer 1

In economics, an indifference curve connects points on a graph representing different quantities of two goods, points between which a consumer is indifferent. That is, the consumer has no preference for one combination or bundle of goods over a different combination on the same curve. One can also refer to each point on the indifference curve as rendering the same level of utility (satisfaction) for the consumer. In other words, an indifference curve is the locus of various points showing different combinations of two goods providing equal utility to the consumer. Utility is then a device to represent preferencesrather than something from which preferences come.The main use of indifference curves is in the representation of potentially observable demand patterns for individual consumers over commodity bundles.