Indifference curve: Economics

Economics: What Is the Indifference Curve , definition, properties, assumptions, application, significance, criticism, analysis, limitation and criticism. Topic 1: Indifference Curves The topics in this Lesson present a bit more advanced material than was built into the previous two Microeconomics Lessons. We begin with indifference curve analysis. An indifference curve is presented in Figure 1 below. Suppose we measure an individual's consumption of commodity X and commodity Y along the horizontal and vertical axes respectively and then arbitrarily pick a point in the resulting (X , Y) space such as, for example, point A. Now imagine that we ... An indifference curve is a contour line where utility remains constant across all points on the line. In economics, an indifference curve is Learn how to use indifference curves to describe consumer preferences and choices without measuring utility numerically. Explore the shape, slope, and comparison of indifference curves and their applications in consumer equilibrium.