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प्रश्न
Define indifference map.
उत्तर
An indifference map represents a set of indifference curves which shows the various preferences of a consumer. Indifference curves on the indifference map do not intersect each other because consumers have various preferences with respect to their different levels of income.
संबंधित प्रश्न
Explain the conditions of consumer’s equilibrium using indifference curve analysis.
Explain the three properties of the indifference curves.
Define an indifference curve.
Explain why an indifference curve is downward sloping from left to right.
State the meaning and properties of production possibilities frontier.
If Marginal Rate of Substitution is constant throughout, the Indifference curve will be :(choose the correct alternative)
a. Parallel to the x-axis.
b. Downward sloping concave.
c. Downward sloping convex.
d. Downward sloping straight line.
Explain why is an indifference curve is Convex.
Define an indifference map. Why does indifference curve to the right show more utility? Explain.
What are the properties of indifference curves?
Identify the correct pair of items from the following Columns I and II:
| Columns I | Columns II |
| (1) Demand Curve | (a) Downward sloping |
| (2) Indifference curve | (b) Upward rising |
| (3) Marginal Utility Curve | (c) L shaped curve |
| (4) Total Utility Curve | (d) Y shaped curve |
Assertion (A): A lower indifference curve represents a higher level of satisfaction.
Reason (R): According to the Indifference Curve Approach, utility is an ordinal concept, that is, it can be ranked and not measured.
Which of these is not a property of indifference curve?
"Higher indifference curve represents fewer quantities of one or both goods, a higher indifference curve shows higher utility level." Choose the correct option for the above mentioned statement:
Indifference curve is:
Which of the following statements are incorrect?
Observe the graph given below and answer the question that follow.
- Give a reason to explain if the graph shown above can be a common phenomenon or not. [2]
- What is an indifference map? Draw its diagram. [2]
- State any two differences between cardinal utility and ordinal utility. [2]
Will you defend or refute the case depicted in the following diagram? Provide a rationale in support of your view.
