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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Features of Well-Behaved Indifference Curves | Microeconomics
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The focus will now be on general shapes of indifference curves. To start with we make some general assumptions about preferences and then explore the implications of these assumptions for the shapes of the associated indifference curves. These assumptions are the defining features for well-behaved (normal) indifference curves. 1. Monotonicity of Preferences: First we talk […]
Indifference Curves: Risk Aversion and Properties | Microeconomics
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Here is an elaborated discussion on ‘Indifference Curves’, highlighting:- 1. Introduction to Indifference Curves 2. Risk Aversion and Indifference Curves 3. Testing the Properties of Indifference Curves. Introduction to Indifference Curves: The modern theory of consumer choice is formulated in terms of preferences that satisfy the first three axioms — completeness, reflexive-ness and transitivity. A […]