Saved Bookmarks
| 1. |
Explain the indifference map with a diagram: |
|
Answer» If two or more indifference curves are shown in a single diagram then that diagram is termed as indifference map. It is also termed as family of indifference curves. It represents scale of preferences for the consumer also. Every indifference curve in that diagram represents different level of satisfaction. Curves which are nearer to the origin represents lower level of satisfaction and curves which are away from the origin represent higher level of satisfaction . |
|