what are indifferent curve?give their assumptions and properties
Answers
Explanation:
Assumptions of Indifference Curve Analysis:
ADVERTISEMENTS: (1) The consumer acts rationally so as to maximise satisfaction. (2) There are two goods X and Y. (3) The consumer possesses complete information about the prices of the goods in the market.
Answer:
Properties of indifferent curve:
An indifference curve is a convex shaped curve depicting the graphical representation of the different combinations deriving the same level of satisfaction to the consumer by considering two commodities. ... Each of which gives the same level of satisfaction to the consumer.
Explanation:
Assumptions of Indifference Curve:
(1) The consumer acts rationally so as to maximise satisfaction. (2) There are two goods X and Y. (3) The consumer possesses complete information about the prices of the goods in the market.