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An indifference curve is always:
- a)Concave to the origin
- b)Convex to the origin
- c)L-shaped
- d)A vertical straight line
Correct answer is option 'B'. Can you explain this answer?
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An indifference curve is always:a)Concave to the originb)Convex to the...
The negative slope of the indifference curve reflects the assumption of the monotonicity of consumer's preferences, which generates monotonically increasing utility functions, and the assumption of non-satiation (marginal utility for all goods is always positive); an upward sloping indifference curve would imply that a Convex to the origin.
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An indifference curve is always:a)Concave to the originb)Convex to the...
This is because as u start replacing one good for the other u will want to give up less of the first good.. therefore the MRS will decrease and it will get a convex shape
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An indifference curve is always:a)Concave to the originb)Convex to the...
The negative slope of the indifference curve reflects the assumption of the monotonicity of consumer's preferences, which generates monotonically increasing utility functions, and the assumption of non-satiation (marginal utility for all goods is always positive); an upward sloping indifference curve would imply that a Convex to the origin.
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An indifference curve is always:a)Concave to the originb)Convex to the originc)L-shapedd)A vertical straight lineCorrect answer is option 'B'. Can you explain this answer?
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