Question

what is indifference curve?what are it's assumptions???​

Answer 1

Answer:

Assumptions of Indifference Curve Analysis:

(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. ADVERTISEMENTS: (4) The prices of the two goods are given.

Answer 2

Answer:

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Explanation:

Assumptions of Indifference Curve Analysis:

(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. ADVERTISEMENTS: (4) The prices of the two goods are given.