2020-02-26 20:10 The degree of convexity of an indifference curve depends upon the rate of fall in the marginal rate of substitution of X for Y. As stated above, when two goods are perfect substitutes of each other, the indifference curve is a straight line on which marginal rate of substitution remains constant.
Indifference Curve Analysis: Concept, Assumption and Properties January 12, 2018 By Shraddha Bajracharya In microeconomics, indifference curve is an important tool of analysis in the study of consumer behavior. explain indifference curve analysis and its properties
Indifference curve analysis assumes diminishing marginal rate of substitution. Due to this assumption, an indifference curve is convex to the origin. 5. Rational Consumer: The consumer is assumed to behave in a rational manner, i. e. he aims to maximize his total satisfaction.
An indifference curve is a locus of combinations of goods which derive the same level of satisfaction, so that the consumer is indifferent to any of the combination he consumes. If a consumer equally prefers two product bundles, then the consumer is indifferent between the two bundles. explain indifference curve analysis and its properties
The following points highlight the top six properties of indifference curve. Some of the properties are: 1. They Slope Negatively or Slope Downwards from the Left to the Right 2. They are Convex to the Origin of Axes 3. Every Indifference Curve to the right represents Higher Level of Satisfaction than that of the Proceeding One and Others. Jul 06, 2013 What are the Properties of the Indifference Curves? Updated on September 30, 2016. Sundaram Ponnusamy. more. Indifference Curve Analysis: Assumptions, Indifference Schedule and the Meaning of Marginal Rate of Substitution Please give me in detail of properties of indifference curve. BIKRAM SAHU. 15 months ago. Thank you. ragina. 19 The indifference curve analysis retains some of the assumptions of the cardinal theory, rejects others and formulates its own. The assumptions of the ordinal theory are the following: (1) The consumer acts rationally so as to maximise satisfaction. explain indifference curve analysis and its properties
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