Here are the properties of indifference curve.
1) An indifference curve is always negatively sloping downward from left to right.
2) An indifference curve is always convex to the origin.
3) An indifference curve is which is lying at the extreme of the right is the higher indifference curve of an indifference curves map and it represents the greatest level of satisfaction. Similarly the indifference curve which is lying at the left (bottom) side of the other curves on the indifference curves map is the lowest level of satisfaction.
4) Two or more than two indifference curve never intersect/cross each other.
5) Another additional property of an indifference curve is that an indifference curve never touches "X" axis or "Y" axis.
Map. A set of indifference curves which shows different combinations is called an indifference map.
Note1: The Indifference curve and an Isoquant are almost similar to each other according to shape and their properties, but remember that an indifference curve shows the combinations of two commodities (goods & services, Combined called commodity) points of two commodities which give the same level of satisfaction to the consumer. The ration of each commodity in a combination maybe different.
Note2: An isoquant curve is a curve which show the combinations of two different inputs which produce the same level of output. The entrepreneur may change the ratio of inputs in a combination to substitute one input factor for another, to reduce the amount of one factor and increase the amount other factor which will also give the same level of satisfaction.
Map: A set of isoquant which shows different combinations of inputs that give the same level of output is called an isoquant map.
By: Shah Zahoor -your- Rehman
1) An indifference curve is always negatively sloping downward from left to right.
2) An indifference curve is always convex to the origin.
3) An indifference curve is which is lying at the extreme of the right is the higher indifference curve of an indifference curves map and it represents the greatest level of satisfaction. Similarly the indifference curve which is lying at the left (bottom) side of the other curves on the indifference curves map is the lowest level of satisfaction.
4) Two or more than two indifference curve never intersect/cross each other.
5) Another additional property of an indifference curve is that an indifference curve never touches "X" axis or "Y" axis.
Map. A set of indifference curves which shows different combinations is called an indifference map.
Note1: The Indifference curve and an Isoquant are almost similar to each other according to shape and their properties, but remember that an indifference curve shows the combinations of two commodities (goods & services, Combined called commodity) points of two commodities which give the same level of satisfaction to the consumer. The ration of each commodity in a combination maybe different.
Note2: An isoquant curve is a curve which show the combinations of two different inputs which produce the same level of output. The entrepreneur may change the ratio of inputs in a combination to substitute one input factor for another, to reduce the amount of one factor and increase the amount other factor which will also give the same level of satisfaction.
Map: A set of isoquant which shows different combinations of inputs that give the same level of output is called an isoquant map.
By: Shah Zahoor -your- Rehman