Question

What is Indifference set and Indifference curve? Explain them briefly by giving example.​

Answer 1

Answer:

An Indifference set refers o a tabular presentation of various combinations from two goods that provide the consumer same unit of utility.

Indifference curve jions all points representing bundles which are considered to be indifferent to the consumer

Answer 2

$\huge\bold\underline\pink{Difference:-}$

$\huge\pink{Indifference\:set}$

♪Indifference set is a set of those combinations of two goods which offers equal level of satisfaction. So the consumer is indifferent across all combinations in his indifference set .

$\huge\pink{Indifference\:curve}$

♪ Indifference curve is the diagrammatic presentation of an indifference set . It shows different combinations of two commodity offering same level of satisfaction to the consumer.

$\huge\pink{Example}$

Indifference set :-

Let's consider two commodity apple and orange to be consumed by the consumer . So it's IC refers to the attachment and the indifference set is as follows:-

Combination. Apple Orange

A. 1. 10

B. 2. 7

C. 3. 5

D. 4. 4

Here all combinations ( A, B, C ,D ) offers the consumer equal level of satisfaction.