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What else can I help you with?
What is the name for Two lines that converge but never meet?
An asymptote is a straight line that a curve approaches but never intersects.
How can you calculate MRS between two points on indifference curve?
MRS of 12,3 and 6,9
Why does the rightmost indifference curve give the highest number of utils?
It gives more satisfaction
Why indifference curve do not intersect each other?
Indifference curves do not intersect each other because each curve represents a different level of utility or satisfaction for a consumer. If two curves were to intersect, it would imply that the same combination of goods provides two different levels of utility, which is contradictory. Therefore, each curve must maintain a distinct and consistent level of satisfaction, ensuring that higher curves represent greater utility than lower ones. This reinforces the fundamental assumption of consumer preferences in economics.
Two lines that never meet?
Parallel Lines will never meet
Features of indifference curve?
two indifference curve never cut each other..
What are the characteristics of indifference curve?
1) Concave down. 2) Always decreasing. 3) Represents a fixed utility value (and therefore can never intersect another indifference curve). 4) Is considered equally optimal any where on the curve. 5) The lower the indifference curve is, the less optimal it is. The optimal indifference curve is the one furthest away from the origin.
What is the different between indifference map and indiffirence curve?
Indifference curve is a curve that shows consumption bundles that give the consumer the same level of satisfaction. Indifference map, on the other hand Indifference curve is a graph of two or more indifference curves.
What is shape of indifference curve?
what will be the shape of indifference curve if one of the two goods is a free commodity
Can a single indifference curve cross itself?
a single indifference curve cannot cross itself.
What are the major characteristics of an indifference curve?
The three major characteristics of an indifference curve are: 1. They are negatively sloped 2. They are convex to the origin 3. Indifference curve cannot be intersected
Explain the consumer equilibrium with the help of indifference curve?
Explain the consumer equilibrium with the help of indifference curve?
what is the indifference curve for two goods with imperfect substitutes?
the indifference curve has its usual negatively sloping shape
Is the height of an indifference curve the marginal rate of substitution?
Yes. The height of an indifference curve is the marginal rate of substitution.
Slope of indifference curve?
indifference curves slopes downward to the right
Derivation of demand curve using the indifference curve approach?
The derivation of an individual consumer demand curve can be done using the indifference curve approach. This is done by preparing the demand schedule of a consumer from the price consumption curve.
Why is the Graph of the Indifference Curve Shaped like lower curve?
yes
