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What is an Indifference Curve? Video Lecture | Microeconomics- Interaction between individual buyer-seller
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FAQs on What is an Indifference Curve? Video Lecture - Microeconomics- Interaction between individual buyer-seller
| 1. What is an Indifference Curve? |  |
Ans. An Indifference Curve is a graphical representation used in microeconomics to show all combinations of two goods that provide a consumer with equal satisfaction or utility.
| 2. How are Indifference Curves used in consumer theory? | |
Ans. Indifference Curves are used in consumer theory to analyze how consumers make choices between different combinations of goods based on their preferences and budget constraints.
| 3. What does the shape of an Indifference Curve indicate? | |
Ans. The shape of an Indifference Curve indicates the consumer's preferences for the two goods. A convex curve shows diminishing marginal rate of substitution, while a straight line curve shows constant marginal rate of substitution.
| 4. What is the significance of the slope of an Indifference Curve? | |
Ans. The slope of an Indifference Curve, known as the Marginal Rate of Substitution (MRS), indicates the rate at which a consumer is willing to trade one good for another while remaining indifferent or equally satisfied.
| 5. How do budget constraints intersect with Indifference Curves? | |
Ans. The intersection of a consumer's budget constraint with an Indifference Curve determines the optimal consumption bundle that maximizes the consumer's utility given their budget limitations.
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Dec 17, 2024 Last updated |
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