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).
What is indifference curve and its assumptions?
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.
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. Thus, the indifference curve relates to a higher level of income of the consumer.
What is indifference curve and its importance?
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 are the features of indifference curve Class 11?
What are the features of indifference?
The very important feature of the indifference curves is that they are convex to the origin and they cannot be concave to the origin. A normal indifference curve will be convex to the origin and it cannot be concave. Only convex curves will lend to the principles of Diminishing Marginal Rate of substitution.
What is the features of indifference curve?
What is the best definition of indifference?
1 : the quality, state, or fact of being indifferent. 2a : absence of compulsion to or toward one thing or another. b archaic : lack of difference or distinction between two or more things. Synonyms & Antonyms Example Sentences Learn More About indifference.
Which is worse hate or indifference?
Indifference is the worst hell because simply, the person does not care. Hate, while intense as it can be, at least shows you what the problem is, shows you how something can be resolved, gives you hope that things can change and be fixed.
