There is a concept in economics called “indifference curves”. These are a graphical picture of combinations of goods that would leave the consumer indifferent between the different combinations. Are ...

The "I" stands for indifference. The formula indicates that if a consumer has a spending budget and has a choice of two products, as long as she can buy both products and stay in her budget, she ...

Repeat for all of the indifference curves you want to draw on the chart. Add a new set of data for each curve. Edit the labels by clicking on "Chart Tools: ...

Each curve represents a specific level of utility, and higher curves indicate greater satisfaction. The shape of an indifference curve is typically convex, sloping downward from left to right.

Indifference curves, somewhat controversially, filled that gap. Ordinal and Marginal Utility . After the subjectivist revolution in the 19th century, economists were able to deductively prove the ...

Indifference curves are tools economists use to model the utility or satisfaction individuals derive from different combinations of two competing goods or factors. In this case, the factors are ...