What is indifference Curve?

indifference curve is the graphical representation of the bundles of commodities for a given income level or budget that yields equal satisfaction at all the points.

How are individual demand curves and market demand curves derived?

Demand Curves The way I learned it was this. Start with two commodities that you like. Say steaks and chicken breasts. Then draw a graph, with "steaks consumed" on the Y axi (MORE)

Derivation of demand curve from price consumption curve?

From the question I believe you know what is price consumption curve, so I start from there. After maximising utility we find the optimal consumption bundle called the demand (MORE)

What are indifference curves explain it using a graph?

o Indifference curves are curves that have a negative slope and are bowed inward. Each point on the line has the same exact util value. In other words, a person would be the (MORE)

Why indifference curve is convex to origin?

Indifference curve is convex to the origin.This means that the slope of indifference curve decreases as we move the curve from left to right.This can be explained in terms of (MORE)

How the indifference curve and budget line apparatus are used to derive a consumer's demand curve?

Indifference curve: series of curve reflecting the preference structure of the individual. Budget constraint: the material resource constraint the individual faces in choice (MORE)