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in Class 12 by kratos

What is Indifference Curve ? State three properties of indifference curves.

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+2 votes
by kratos
 
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Indifference Curve is locus of points representing different combinations of the only two goods the consumer consumes with each combination having same utility level.

Properties of Indifference Curve are -

(i) Indifference Curve slopes downward from left to right.

(ii) Indifference Curve is convex to the origin

(iii) Higher Indifference Curve represents higher utility

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