WHAT IS DEFINITION OF INDIFFERENCE CURVE???
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We plot a graph between the quantities of related goods or items. Then the curve or line joining the points having equal value for consumers is called the indifference curve.
So any point on this curve is not different from another. Like if a person buys/eats 1 apple+3 mangoes, or 2 apples+2 mangoes, or 3 apples+1 mango -- all equally, then the curve A + M = 3 is the indifference curve.
where : A = apple
M =mango.
So any point on this curve is not different from another. Like if a person buys/eats 1 apple+3 mangoes, or 2 apples+2 mangoes, or 3 apples+1 mango -- all equally, then the curve A + M = 3 is the indifference curve.
where : A = apple
M =mango.
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Heya...
Indifference curve is the curve showing the different possible combinations of two goods that gives equal level of satisfaction to the consumer..
Thank.you..
Indifference curve is the curve showing the different possible combinations of two goods that gives equal level of satisfaction to the consumer..
Thank.you..
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