Overview Of Indifference Curve
The classic indifference curve is a graph which depicts a combination of any two goods or services. Any point on this graph which represent the various combinations give the consumer the same amount of total satisfaction. The graph is convex to the origin or diagrammatically illustrated from left to right indicating that the consumer does not have preference for one combination over the other. In other words the consumer is indifferent to what combination of the two good he has and derives same sense of utility from them. Thus this curve is also known as the equal satisfaction curve or iso-utility curve.
The slope of the indifference curve is known as the Marginal Rate of Substitution. If the total customer satisfaction is to be kept same, what is the rate at which the commodities can be substituted with each other is given by the Marginal Rate of substitution. It will always be negative due to the concept of diminishing marginal utility. The concept of diminishing marginal utility means that the quantum of satisfaction derived from additional unit of goods consumed is lower than the previous one. Another important concept is the Monotonic Preference concept which says that for a rational consumer his or her utility increases if the consumption increases and hence will prefer to consume more.
A cluster of Indifference curves representing consumer preferences plotted on a graph is referred to as the Indifference Map. Higher or lower the curve, different will be the level of satisfaction which means that infinite number of indifference curves can be drawn.
The indifference curve is based on assumptions that a consumer has fixed amount to spend and the entire amount will be spent on two commodities as their prices are constant. A Consumer will always prefer more commodities as the satisfaction so derived will also be higher. While plotting an indifference curve it is believed that consumers are able to rank their preferences in order of the satisfaction derived from each combination of the two commodities. The commodities are assumed to be divisible so as to let the indifference curve be continuous and one without gaps.
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List of topics under Indifference Curve:
- Definition & Meaning
- Difference between Cardinal and Ordinal Utility Approach
- Concepts of Utility and Allocation of resources
- Concept of Value and theories surrounding it
- Marginal Rate of Substitution
- Indifference Map
- Properties of Indifference Curves
- Underlying Assumptions of Indifference Curve
- Indifference Curve and Budget Lines
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