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State the properties of indifference curves

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State the properties of indifference curves

    • Posted by Piyush Garg 6 years, 3 months ago

    CBSE > Class 11 > Economics
    • 1 answers

    Sia ? 6 years, 3 months ago

    Following are the properties of an indifference curve

    1. Indifference curves are always convex to the origin: Due to decreasing MRS, MRS declines continuously because of the law of diminishing marginal utility.
    2. Indifference curves never touch or intersect each other: Each indifference curve shows a different level of satisfaction. Intersection point shows the same satisfaction level which is not possible.
    3. A higher indifference curve represents a higher level of satisfaction: Due to monotonic preferences, higher indifference curve shows bundles having more of one commodity and not less of other good in comparison of la ower indifference curve.
    4. Indifference curve slope downwards: It implies that as a consumer consumes more of one good, he must consume less of the other good.

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