Give three properties of indifference curve
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Yogita Ingle 5 years, 3 months ago
Properties/characterstics of indifference curves are:
(i) Indifference curves are negatively sloped or they slope downward It shows that more of one commodity implies less of the other, so that total satisfaction (at any point on Indifference curve) remains the same.
(ii) Indifference curves are convex to the point of origin An indifference curve will ordinarily be convex to the point of origin. This is because of diminishing Marginal Rate of Substitution. We can say that for every additional unit of a good, a consumer is willing to give up lesser and lesser amount of another good.
(iii) Indifference curve touches neither X-axis nor Y-axis It is often assumed that a consumer buys a combination of two goods. Hence, an indifference curve touches neither X-axis nor Y-axis as touching either axis represents zero units of the respective goods.
(iv) Indifference curves never touch or intersect each other Each Indifference curve represents a different level of satisfaction. So, their intersection is ruled out. Also if indifference curves intersects Law of Transitivity and indifference law will contradict each other.
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