Question

question.
State the different properties of Indifference Curve with reasons.​

Answer 1

Answer:

.........

Explanation:

• The four properties of indifference curves:
• The four properties of indifference curves:Higher indifference curves are preferred to lower ones;
• The four properties of indifference curves:Higher indifference curves are preferred to lower ones;Indifference curves are downward sloping;
• The four properties of indifference curves:Higher indifference curves are preferred to lower ones;Indifference curves are downward sloping;Indifference curves do not cross;
• The four properties of indifference curves:Higher indifference curves are preferred to lower ones;Indifference curves are downward sloping;Indifference curves do not cross;Indifference curves are bowed inwards;

Answer 2

Answer:

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different properties of indifference curve

1.indifference curve of always convex to the origin.

An indifference curve is convex to the origin because of diminishing MRS. MRS declines continuously because of the law of diminishing marginal utility..

2. indifference curve slope downwards.

it implies that as a consumer consumes more of one must consume less than the other good. it happens because if the consumer decides to have more units of one good (say apples )we will have to reduce the number of units of another good (say banana) so the total satisfaction remains the same.

3. higher indifference curve represent higher level of satisfaction.

higher indifference curve represent last bundle of goods which means more utility because of the monotonic preference.

4. indifference curve can never intersect each other

as two indifference curve cannot represent the same level of satisfaction we cannot intersect each other. it means, only one indifference curve will pass to the given point on an indifference map.