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What is Indifference Curve ? State three properties of indifference curves. |
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Answer» Indifference Curve is locus of points representing different combinations of the only two goods the consumer consumes with each combination having same utility level. Properties of Indifference Curve are - (i) Indifference Curve slopes downward from left to right. (ii) Indifference Curve is convex to the origin (iii) Higher Indifference Curve represents higher utility |
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