What Is Indifference Curve?
In Economics, an Indifference Curve Connects Points on a Graph Representing Different Quantities of Two Goods, Points Between Which a Consumer Is Indifferent...
In economics, an indifference curve connects points on a graph representing different quantities of two goods, points between which a consumer is indifferent.
What is indifference curve explain?
Definition: An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility. Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utility.
What is indifference curve and what are its properties?
Definition: An indifference curve is a convex shaped curve depicting the graphical representation of the different combinations deriving the same level of satisfaction to the consumer by considering two commodities. It functions on the principle of the diminishing marginal rate of substitution (MRS).
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