Producer Behaviour - Consumer preferences - Indifference curves
3 important questions on Producer Behaviour - Consumer preferences - Indifference curves
An indifference curve is a:
In general, bundles that lie above an indifference curve are all preferred to the bundles that lie on it. That being so, we can represent a sample of the set of a consumer's indifference curves, used as a graphical summary of her preference ordering. This is called an:
Three important properties of indifference curves and indifference maps:
2. Indifference curves are downward sloping (comes from the 'more is better' assumption.
3. Indifference curves (from the same indifference map) cannot cross.
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