what is difference between ic curve and ppc curve
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An indifference curve shows how a consumer is indifferent to different combinations of two goods at a particular amount of income
It has its base in demand and consumption.
An indifference cure is plotted from consumer’s viewpoint.
PPC gives us an idea about the production possibilities of two set of goods.
PPC has its base in production, technology and available resources. It is plotted from the viewpoint of an economy.
It has its base in demand and consumption.
An indifference cure is plotted from consumer’s viewpoint.
PPC gives us an idea about the production possibilities of two set of goods.
PPC has its base in production, technology and available resources. It is plotted from the viewpoint of an economy.
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Heya...
√ Indifference Curve
• It's the curve Showing the different Possible combinations of two goods that gives the equal level of satisfaction to the consumer...
• It shows the decline Marginal rate of substitution...
√ PPC
• It's the curve showing the different possible combinations of two goods that can be produced at given resources...
• It shows the rise in marginal opportunity cost...
Thank you
√ Indifference Curve
• It's the curve Showing the different Possible combinations of two goods that gives the equal level of satisfaction to the consumer...
• It shows the decline Marginal rate of substitution...
√ PPC
• It's the curve showing the different possible combinations of two goods that can be produced at given resources...
• It shows the rise in marginal opportunity cost...
Thank you
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