Why indeference curve convex to the …
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Posted by Lakshmi Sakshi 5 years ago
- 2 answers
Tripti Singh 5 years ago
The indifference curves are convex to the origin because of the diminishing marginal rate of substitution. The MRS diminishes because of the decline in the marginal utility, which means with more and more consumption of one commodity, the customers utility starts declining and he is not willing to consume it more at the cost of the other commodity.For example, lets say there are two chocolates, dairy milk, and Nestle, with more and more consumption of dairy milk chocolates the utility continues to decline, and the customer will no more give up the Nestle chocolates to buy the dairy milk.
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Sakshi Verma 5 years ago
1Thank You