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

Q: It is known that the indifference curve is convex. What does this tell you about the relationship…

A: The indifference curve refers to the graphical representation of different combinations of two goods…

Q: If both good 1 and good 2 are bads, will the indifference curve have a positive or a negative slope?…

A: An indifference curve is a graphical representation in economics that shows all the combinations of…

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: What are the three properties of indifference curves for two goods? Items (7 items) (Drag and drop…

A: The three properties of indifference curves for two goods from the above given options are as…

Q: Define indifference map in not more than 2 lines

A: Before getting to the definition of indifference map we must first understand what is indifferent…

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: Question 6 Sketch one indifference curve that has the following form: U(x, y) = 3min (x,y) + y

A: If you have any questions let me know in comment box thankyou for your question.

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: (e) For the income and prices in (b), what is optimal X, Y, and utility? Show your work.< (f)…

A: Compensating variation: When the price of a good changes and hence the consumption bundle, that new…

Q: The properties of indifference curves can be described as :    a. Lower indifference curves are less…

A: A graphical representation of a combination of products that gives a consumer a similar level of…

Q: At last time you have answered my question ,but I still have some problems want to ask you and there…

A: To understand the concepts of the Indifference Curve and Budget Line, let us first understand the…

Q: Questions 1. Will's utility from vacations (91) and meals (92) is given by the function U(V, M) = 91…

A: Step 1:Step 2:

Q: Jason has utility function U(x,y)=x2y. Then, the equation of Jason's indifference curve through…

A: Indifference curve indicates the combination between input and output that means this curve actually…

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: In your own words, explain what indifference curves are. Give 4 properties of indifference curves.

A: (Q) In your own words, explain what indifference curves are. Give 4 properties of indifference…

Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.