what is indifference curve.. state its types
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Answer:
An indifference curve is a graphical representation of a combined products that gives similar kind of satisfaction to a consumer thereby making them indifferent.Every point on the indifference curve shows that an individual or a consumer is indifferent between the two products as it gives him the same kind of utility
Indifference curves have a roughly similar shape in two ways: 1) they are downward sloping from left to right; 2) they are convex with respect to the origin. ... The downward slope of the indifference curve means that Lilly must trade off less of one good to get more of the other, while holding utility constant.
Explanation:
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Answer:
An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility. ... Description: Graphically, the indifference curve is drawn as a downward sloping convex to the origin. The graph shows a combination of two goods that the consumer consumes.
Explanation:
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