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In economics, an indifference curve connects points on a graph representing different quantities of two goods, points between which a consumer is indifferent. That is, any combinations of two products indicated by the curve will provide the consumer with equal levels of utility, and the consumer has no preference for one combination or bundle ...
Apr 1, 2024 · An indifference curve shows the combination of two goods that provide equal satisfaction to the consumer. The consumer remains indifferent between these combinations of goods and does not prefer one over the other. Every pair of goods on the indifference curve gives the consumer an equal level of satisfaction. Indifference Curve Schedule.
An indifference curve shows combinations of goods that provide an equal level of utility or satisfaction. For example, Figure B1 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.
Learning Objective 1.2: Define and draw an indifference curve. Individual preferences, given the basic assumptions, can be represented using something called indifference curves. An indifference curve is a graph of all the combinations of bundles that a consumer prefers equally.
- Patrick M. Emerson
- 2019
Learning Objective 1.2: Define and draw an indifference curve. Individual preferences, given the basic assumptions, can be represented using something called indifference curves. An indifference curve is a graph of all of the combinations of bundles that a consumer prefers equally.
Jul 17, 2023 · Because all points along an indifference curve generate the same level of utility, economists say that a consumer is indifferent between them. Figure 7.10 shows an indifference curve for combinations of skiing and horseback riding that yield the same level of total utility.
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.
