Question

what are the assumptions if IC approach
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Answer 1

Answer:

the negative slope of the indifference curve (IC) reflects the assumption of the monotonicity of consumer's increasing utility functions and the assumption of non- satiation

Explanation:

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Answer 2

Answer:

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Indifference curves operate under many assumptions, for example, typically each indifference curve is convex to the origin, and no two indifference curves ever intersect. Consumers are always assumed to be more satisfied when achieving bundles of goods on indifference curves that are farther from the origin.

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.