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Earn +20 ptsQ: How can you calculate MRS between two points on indifference curve?
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Why does an indifference curve never meet?
No indifference curve can intersect because all points on indifference curve are ranked equally prefered and ranked either or less more prefered than every other point on the curve.rt
Why does the rightmost indifference curve give the highest number of utils?
It gives more satisfaction
Area under graph?
Is the integral of the curve - between the two end points.
What does chord means in math terms?
A chord is a line segment between two points on a given curve. Basically it's two points that are connected with a line which all happens to be on a curve. Most likely a circle
What is the difference between tangent and secant line?
The tangent line is the instantaneous rate of change at a point on a curve. The secant line crosses a curve twice at points A and B, representing the average rate of change between those two points.
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