Explain the properties of indifference curve?
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Posted by Deepakshi Gupta 7 years, 6 months ago
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Shivangi Goel 7 years, 6 months ago
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Esha Sharma 7 years, 6 months ago
Properties of indifference curve
1. IC slopes downward from left to right . It means that IC has a negative slope.
2. IC is convex to the origin .
The slope of IC should decline because the rate at which consumer substitutes one commodity for the other tends to decline . This is called MRS means Marginal Rate of Substitution.
3. Higher IC shows Higher level of Satisfaction.
4. IC do not touch or Intersect each other.
5. IC does not touch X - Axis or Y - Axis
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