An indifference map

An indifference map is the collection of indifference curves possessed by an individual.

We can draw more than one indifference curve on the same diagram. This family of curves is called indifference map. We know that right side curve yield higher utility and it goes on increasing as we move righter, While the curve in the left yield lesser utility and it goes on decreasing as we move towards left.
( the reason is right hand side point means more consumption of either of 2 goods, hence higher satisfaction)


· IC1, IC2 and IC3 are three indifference curves.

· All the points on IC2 will yield higher satisfaction than the points on IC1 and

· All the points on IC3 will yield lesser satisfaction than the points on IC1


5 comments:

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Pranab Poira said...
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