What is the properties of indifference curve?
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The four properties of indifference curves are: (1) indifference curves can never cross, (2) the farther out an indifference curve lies, the higher the utility it indicates, (3) indifference curves always slope downwards, and (4) indifference curves are convex.
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What is the properties of indifference curve?
The four properties of indifference curves are:
(1) indifference curves can never cross, (
2) the farther out an indifference curve lies, the higher the utility it indicates,
(3) indifference curves always slope downwards, and (4) indifference curves are convex.
What is the shape of indifference curve?
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.
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