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 of goods over a different combination on the same curve.
An indifference curve is not a "microeconomic theory" in ordinary usage. Rather, indifference-curve analysis is commonly used in the part of economic theory described as microeconomic. Historically, modern macroeconomics was criticized for not spelling out micro foundations. A tool commonly described as microtheoretic does not preclude a macro use.
indifference curve microeconomic graph; connects points representing different quantities of 2 goods, points between which a consumer is indifferent: i.e. the consumer doesn't prefer one combination or bundle of goods over another combination on the same curve
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, the consumer has no preference for one combination or bundle of goods over a different combination on the same curve. One can also refer to each point on the indifference curve as rendering the same level of utility ...
May 20, 2019 · Indifference Curve: An indifference curve represents a series of combinations between two different economic goods, between which an individual would be theoretically indifferent regardless of ...
- Caroline Banton
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A community indifference curve is an illustration of different combinations of commodity quantities that would bring a whole community the same level of utility. The model can be used to describe any community, such as a town or an entire nation.
Indifference curve technique is an improvement over the utility analysis propounded by Prof. Alfred Marshall. The superiority of indifference curve analysis can be explained with the help of the following points: (1) Based on Ordinal Approach of Utility:
In Microeconomics, the Indifference Curve Analysis is an important analytical tool in the study of consumer behaviour. The indifference curve analysis was developed by the British economist Francis Ysidro Edgeworth, Italian economist Vilfredo Pareto and others in the first part of the 20th century.J.R.Hicks & R.G.D. Allen in their research paper,' A Reconsideration of the Theory of Value ...
Indifference curve, in microeconomic theory, a graph describing consumer preferences Principle of indifference , in probability theory, a rule for assigning epistemic probabilities A song on the band Pearl Jam 's second album Vs. .
Indifference Curve In economics, an indifference curve is a curve that shows the combination of two goods that give a consumer equivalent satisfaction and utility. This curve indicates that a consumer is indifferent about the two products since he derives equal satisfaction from both. An indifference curve represents a locus...