What is indifference curve and its properties Class 11?
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.
What is an indifference curve in economics?
indifference curve, in economics, graph showing various combinations of two things (usually consumer goods) that yield equal satisfaction or utility to an individual. Developed by the Irish-born British economist Francis Y.
What is indifference curve with examples?
An indifference curve shows all combinations of goods that provide an equal level of utility or satisfaction. For example, Figure 1 presents three indifference curves that represent Lilly’s preferences for the tradeoffs that she faces in her two main relaxation activities: eating doughnuts and reading paperback books.
What is indifference curve with example?
Two commodities are perfect substitutes for each other – In this case, the indifference curve is a straight line, where MRS is constant. Two goods are perfect complementary goods – An example of such goods would be gasoline and water in a car. In such cases, the IC will be L-shaped and convex to the origin.
What is indifference curve with diagram?
Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same 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.
What is indifference map Class 11?
Indifference map refers to a set of indifference curves. An indifference curve which is to the right and above another shows a higher level of satisfaction to the consumer.