In this article we will discuss about:- 1. Meaning and Definitions of Indifference Curves 2. Assumptions of the Indifference Curves 3. Characteristics 4. Budget Line or Price Line 5. Superiority over Utility Analysis 6. Criticisms. Contents: Meaning and Definitions of Indifference Curves Assumptions of the Indifference Curves Characteristics of Indifference Curves Budget Line or Price […]
Indifference Curves | Demand Analysis | Microeconomics
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Applications of Indifference Curve Approach | Microeconomics
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In this article we will discuss about the applications of indifference curve approach. The applications:- 1. Consumer’s Equilibrium 2. Theory of Production (Producer’s Equilibrium) 3. Measurement of Consumer’s Surplus 4. Application in the Theory of Exchange and a Few Others. Indifference curve approach is free from all the criticism levelled against cardinal approach or utility […]