Elaborate difference varieties/types of indifference curve?

Q: The consumer is in equilibrium when        a)the budget line is tangent to the indifference curve at…

A: Consumer equilibrium is a point at which consumer gets the most satisfaction possible from their…

Q: ul in deriving indifference curve ?

A: Indifference curve(IC) is the locus of various combinations of commodities yielding same utility. If…

Q: State the reason that why indifference curves never intersect each other. Furthermore, why higher…

A: An indifference curve shows the various combinations of two goods that give the consumer equal…

Q: Why Indifference curve of a rational consumer cannot be parallel to x-axis and y-axis?

A: Indifference curve shows the different possible combination of two goods that gives the same level…

Q: T/F Explain If preference is monotonic but not strongly monotonic, indifference curves are upward…

A: The indifference curve is based on the ordinal utility analysis of Hicks and Allen. It represents…

Q: indifference curve

A: Indifference curve (IC) is the locus of various combinations of commodities yielding same utility.…

Q: Define the indifference map for an individual.

A: The want satisfying power of a commodity is termed as the utility. As a consumer consumes a good…

Q: an an indifference curve cross itself?

A: Indifference curve(IC) shows all possible combination of two-goods such that each combination…

Q: Explain why non-convex indifference curve has a corner solution instead of interior solution?

A: IC (Indifference curve) shows the different agreement of two commodities between which a consumer is…

Q: For each of the following utility functions (i) derive the equations describing the indifference…

A: Note: As per the guidelines we're only entitled to answer only first three parts of the MCQ type…

Q: what is satiation point? And how it is helpful in deriving indifference curve

A: An indifference curve shows various combination of two goods that give same level of utility to a…

Q: Explain why most indifference curve are convex??

A: In economics the indifference curve is usually denoted as the contour line merely where the value of…

Q: If an indifference curve is a vertical line, does theamount of the good on the y -axis influence…

A: The indifference curve refers to the possible combinations of two goods that yield the same level of…

Q: Q) U = xy and y = x(1+y) Are points (1,9) and (5,1) on the same indifference curve？   Explain it…

A: An Indifference curve represents different combinations of two goods ( say , good X and good Y )…

Q: The value in Y axis has changed from 14.94 to 10.98 and the value in X axis has changed from 9.12 to…

A: Change in Y is 3.96 Change in X is 6.83

Q: What information is contained in an indifference curve? Why are such curves Convex to the origin

A: Indifference curve (IC) is an important concept in consumer theory under micro economics.

Q: How do indifference curves represent the consumer's preferences?

A: The indifference curve is a mathematical representation of the combination of all the consumption…

Q: If a budget line is below the indifference curve. What does this mean? Are the points on the…

A: # given the prices of the two goods a budget line always represents the combination of goods which…

Q: Explain why indifference curvesa. are downward sloping.b. are convex to the origin.c. do not cross.

A: The indifference curve shows all the different combinations of two goods that provide the same…

Q: Why is the slope of an indifference curve convex? Which is the best indifference curve?

A: "Indifference curve is defined as the locus of point of combination of two goods, good 1 and good 2,…

Q: Why indifference curves never intersect. Prove graphically?

A: IC(indifference curve) shows us the various combination of two products/goods where the buyer is…

Q: What are indifference curves?

A: The utility is a want satisfying power of a commodity. Marginal utility is the additional utility…

Q: (a) Explain why point A is preferred over point B in the diagram below: Clothing Budget line…

A: With respect to two commodities, an indifference curve is a graph that depicts the combinations of…

Q: Consider the following equation for an indifference curve: y = 20/x. At point A (2, 10), the MRS is?

A: Given data: The equation for indifference curve is y=20x Point is A2, 10

Q: Use the image 2.2 below to answer this question. The slope of the indifference curve is given by…

A: Marginal utility describes the benefits or utility obtained from consumption of a commodity. It is…

Q: Explain how indifference curves can never cross.

A: Indifference curves can never cross each other. We can explain this with the help of the two axioms…

Q: What information is contained in an indifference curve? Why are such curves (a) Downward sloping and…

A: The indifference curve consists of a set of points that represents a different combination of…

Q: e marginal rate of substitution measures the distance between one indifference curve and tne •True

A: Marginal Rate of Substitution : The Marginal Rate of Substitution can be defined as the amount of…

Q: In case of the complementary goods what is the shape of the indifference curve ??

A: According to the given question Actually complementary goods are those goods which are initially an…

Q: With the help of diagram explain how the shape of indifference curve?

A: The indifference curve shows the relationship between the two goods say x and y i.e. the person is…

Q: How to explain indifference curve and also describe the properties of indifference curve?

A:

Q: Why is it impossible for two indifference curves to intersect one another?

A: Indifference curves show various combinations of goods between which the consumers are indifferent.…

Q: 3. We claimed in the text that if preferences were monotonic, then a diag- onal line through the…

A:

Q: How do we decide the amount we buy on the indifference curve? MU1/P1 = MU2/P2 %3D MU1/P1 = P2 MU1/P2…

A: Indifference curve shows the combinations of goods that give consumer the same level of…

Q: Amy enjoys eating muffins and scones. The following graph displays one of Amy's indifference curves,…

A: The MRS is the amount of a product that a consumer is willing to sacrifice in order to get 1 unit…

Q: Define Indifference Curve. Explain properties of Indifference Curve with the                help of…

A: Indifference Curve: An indifference curve represents various combinations of two commodities that…

Q: Henrietta's utility function is U(x1, x2)Xị + x How do Henrietta's indifference curves look? a. b.…

A: Given that,  The Henrietta's utility function.

Q: Draw Shahab’s Indifference curves for Pizzas and Pepsi Cans. What does the slope at any point on…

A:

Q: What information is contained in an indifference curve? Why are such curves (a) downsloping and (b)…

A: Concerning two commodities, an indifference curve is a graph showing those combinations of the two…

Q: ist and briefly explain each of the four properties of indifference curves. Provide an example where…

A: indifference curves are made/predicated on several assumptions, including that each indifference…

Q: Q-: Define indifference curve and elaborate different varieties/types of indifference curve

A: An indifference curve shows a combination of two goods or services that provide the consumer with…

Q: Define A consumer prefers a higher indifference curve to a lower one.

A: An ‘indifference curve(IC)’ refers to a graph that shows the combinations of  two commodities. These…

Q: What happens to utility when we move up and down on the indifference curve? What happens to utility…

A: An Indifference Curve(IC) is a graphical representation that combinations of two items that give the…

Q: A higher indifference curve shows

A: A higher indifference curve shows higher level of

Q: n indifference curve,

A: In the given case, Angela has rejected an offer considering fairness of work. This is an additional…

Q: Each person has an infinite number of indifference curves. True False

A: True Statement.

Q: U = xy    and y = x(1+y) Are points (1,9) and (5,1) on the same indifference curve？

A: Utility curve shows the different possible combination of two goods that gives same level of…

Marginal Rate of Technical Substitution

MRTS reaches a manufacturer when a part of the product is lowered to sustain the manufacturing level when the other part is extended. It is the level of the quantity that is lowered when one extra volume is used, and the output is unchanged.

Preferences and Utility Analysis

Before understanding what is preference and utility analysis, it is very important to understand the terms preference and utility separately.