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Indifference curve is defined in economics as a graph which shows combination of two things. It is usually consumer goods that yield equal satisfaction to an individual.
It was developed by an Irish economist Francis Edgeworth and is used as an analytical tool in the study of consumer behavior.
We can equivalently refer to each point on the curve as providing the same level of utility. The main use of the curve is in the representation of the consumer demand patterns over a given time period.
It was developed by an Irish economist Francis Edgeworth and is used as an analytical tool in the study of consumer behavior.
We can equivalently refer to each point on the curve as providing the same level of utility. The main use of the curve is in the representation of the consumer demand patterns over a given time period.
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