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Explain three properties of imdifference curve

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Explain three properties of imdifference curve

Posted by Vinni B 7 years, 6 months ago

CBSE > Class 12 > Economics

3 answers

Shivangi Goel 7 years, 6 months ago

MRS decline due to Law of dimnishing marginal utility...... As more and more units of good x are consumed by the consumer, his intensity of desire for good x tends to decline implies decline in MUx on the other hand as more and more unit of good y are given up its MUy tends to rise .....it is becz of that every sucessive unit of good x willing to give up and less amount of good y.....

Kanika Mastana 7 years, 6 months ago

Shivangi why MRS decline?

Shivangi Goel 7 years, 6 months ago

1 IC slopes downwards - it happens becz of monotonic preference as more of one good must be combined with less of other one...2 IC is convex to the origin - accordence to law of dmu marginal rate of subsitution tends to decline thus it is convex...3 IC does not touch x and y axis - if ic touches x axis it would mean that cinsumption of good y is zero and for good x vice varsa which can' t be possible.......

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