List and explain the four (4) properties of the indifference curves

Q: If the slope of indifference curve is -0.8 and the change in X axis is 8, what is the change in Y…

A: A consumer maximizes his utility by consuming at a point where the indifference curve of the…

Q: Write down and explain the four properties of indifference curve.provide adequate graphs

A: The indifference curve shows various combinations of two goods that give the same level of utility…

Q: Consumer attains his or her equilibrium at a point where the budget line:- (1) is below indifference…

A: The consumers in an economy are considered to be one of the most important entities in the market.…

Q: Why do we expect that indifference curves will never cross?

A: The economics as a study is based upon the idea that the economies, or the societies around the…

Q: There are two shows on Netflix that Jeff can watch, Show 1 and Show 2. Where x₁ measures the number…

A: Indifference curve:- An indifference curve can be explained as graph that shows a group of…

Q: Can indifference curves be thick? The figure to the right shows a thick indifference curve Relative…

A: The indifference curve is the combination of different bundles of two goods. All these bundles give…

Q: , Draw indifference curves for the following utility functions. a) u(x, y) = x + 2y b) u(x, y) =…

A: Utility Function is a function which relates the amount of the consumption goods and utility derived…

Q: indifference curve

A: Indifference curve (IC) is the locus of various combinations of commodities yielding same utility.…

Q: Explain why most indifference curve are convex??

A: In economics the indifference curve is usually denoted as the contour line merely where the value of…

Q: Determine which, if any, of Properties 4–1 through 4–4 are violated by the indifference curves shown…

A: An indifference curve is a graph showing combinations of two goods that give the consumer equal…

Q: The value in Y axis has changed from 14.94 to 10.98 and the value in X axis has changed from 9.12 to…

A: Change in Y is 3.96 Change in X is 6.83

Q: Which indifference curves violate the assumption of monotonicity? U3 only. U1 and U3. U1, U3 and U4.…

A: The assumption of monotonicity is that the indifference curve is negatively sloped. If the…

Q: Draw your indifference curve for wine and cheese. List and discuss the 4main properties of the…

A: The indifference curve is the graphical representation of different combination of two commodity…

Q: Define the indifference curve. Define the indifference map for an individual.

A: The indifference curve is one of the important aspects of consumer demand theory. It is used to…

Q: Abhishek's utility function is: U = min {2x- y, 2y–x} %3D Which letter resembles Abhishek’s…

A: Utility: - Utility is the satisfaction derived by any consumer from consuming a good or service.

Q: 1. When the price of each good as well as the consumer's budget all change by the same proportion,…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Explain why indifference curvesa. are downward sloping.b. are convex to the origin.c. do not cross.

A: The indifference curve shows all the different combinations of two goods that provide the same…

Q: Consider the following equation for an indifference curve: y = 20/x. At point A (2, 10), the MRS is?

A: The indifference curve shows us the consumption of two commodities that are consumed by the consumer…

Q: Abhishek’s utility function is: U = min {2x – y, 2y – x} Which letter resembles Abhishek’s…

A: Min utility function is used when two goods and services are used in a fixed proportion. The outcome…

Q: discuss the three assumptions of indifference curves.

A: "Utility is the usefulness of a commodity for the consumer." When the consumer derives the same…

Q: Slope of Indifference curve is convex to origin because of Select one: a. MRS is vertical Ob. MRS is…

A: Indifference curve is the locus of points showing different combinations of two commodities, which…

Q: What information is contained in an indifference curve? Why are such curves (a) downward-sloping and…

A: An indifference curve(IC) is a graphical representation that shows different combinations of 2 goods…

Q: Why indifference curves never intersect. Prove graphically?

A: IC(indifference curve) shows us the various combination of two products/goods where the buyer is…

Q: Isn't the utility function is perfect complement: min{} and the indifference curves should be…

A: A potential extension to the analysis is general equilibrium analysis or how demand and supply…

Q: Consider the following equation for an indifference curve: y = 20/x. At point A (2, 10), the MRS is?

A: Given data: The equation for indifference curve is y=20x Point is A2, 10

Q: T or F? A consumer who is unable to detect small differences in the amount of water in her beer…

A: A binary relation Q is transitive if xQy and yQz implies xQz. In this case, note that, if Q is…

Q: The question is: Draw the indifference curve diagrams for the utility functions listed below. Plot…

A: The indifference curve shows the different combinations of two goods that provide the same level of…

Q: What information is contained in an indifference curve? Why are such curves (a) Downward sloping and…

A: The indifference curve consists of a set of points that represents a different combination of…

Q: e marginal rate of substitution measures the distance between one indifference curve and tne •True

A: Marginal Rate of Substitution : The Marginal Rate of Substitution can be defined as the amount of…

Q: ) what do you mean by budget constraints, indifference curve and indifference map? What are the…

A: Budget constraint is defined as the possible combinations of the consumption which one can afford…

Q: Question 8 Given the utility function U = 2x+5y, what is the equation of the indifference curve that…

A: Utility refers to the satisfaction derived from the consumption of good. The utility function shows…

Q: Draw Shahab’s budget constraint if he has income/ budget of Rs. 1000 which he can spend on buying…

A: Dear student, You have put multiple questions in single post. I am answering first question for you.…

Q: Discuss five properties of indifference curves and their relevance for consumer theory

A: Indifference curves represents the utility obtained by a consumer as a combination of two goods.

Q: Write the general equation of the MRS for each utility function. Write the equation for the…

A: Since you have asked multiple questions with multiple subparts, so as per Bartleby's guideline we…

Q: Explain why crossing indifference curves would lead to a logical inconsistency.

A: Indifference curves: Indifference curves show the various combinations of two goods that allow for…

Q: Why is it impossible for two indifference curves to intersect one another?

A: Indifference curves show various combinations of goods between which the consumers are indifferent.…

Q: Which are the three main assumptions of indifference curves? Please do the comparison with each…

A: Indifference curve: It refers to curve that shows the combination of two goods that a consumer can…

Q: How do we decide the amount we buy on the indifference curve? MU1/P1 = MU2/P2 %3D MU1/P1 = P2 MU1/P2…

A: Indifference curve shows the combinations of goods that give consumer the same level of…

Q: Define Indifference Curve. Explain properties of Indifference Curve with the                help of…

A: Indifference Curve: An indifference curve represents various combinations of two commodities that…

Q: Which of the following is NOT true about indifference curves? O They are downward sloping O They do…

A: An Indifference curve is a locus of the combination of all the points that represent a different…

Q: What information is contained in an indifference curve? Why are such curves (a) downsloping and (b)…

A: Concerning two commodities, an indifference curve is a graph showing those combinations of the two…

Q: 07 Assumption on which indifference curve is based: (a) Marginal rate of substitution is falling.…

A: # The correct answer is (D)

Q: 6. Given an indifference curve U, = 100 = F-S» (F>0 and S>0) a) Use the implicit function rule to…

A: An indifference curve shows a combination of two goods that give a consumer equal satisfaction and…

Q: An indifference curve is also known as___________.

A: Indifference curve - It is a graph that depicts the combination of two goods where at every point…

Q: Define A consumer prefers a higher indifference curve to a lower one.

A: An ‘indifference curve(IC)’ refers to a graph that shows the combinations of  two commodities. These…

Q: In your own words, explain what indifference curves are. Give 4 properties of indifference curves.

A: (Q) In your own words, explain what indifference curves are. Give 4 properties of indifference…

Q: ence curve and Discuss the properties of Indifference curv

A: Indifference curve(IC) is the locus of various combinations of commodities yielding same utility. If…

Q: On an indifference map, quantity of apples is measured along the Y axis and of oranges on the X…

A: The optimal consumption bundle is when MRS is equal to the slope of the budget line.

Q: In an indifference map, let's suppose there are two indifference curve. Curve A is above curve B.…

A: Indifference curve - It is a curve that represents different combinations of two goods that yield…

Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.