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An example of how indifference curves are obtained as the level curves of a utility function. A graph of indifference curves for several utility levels of an individual consumer is called an indifference map. Points yielding different utility levels are each associated with distinct indifference curves and these indifference curves on the ...
For example, in consumer theory the objective function is the indifference-curve map (the utility function) of the consumer. The budget line is the constraint. In the usual case, constrained utility is maximized on the budget constraint with strictly positive quantities consumed of both goods.
A community indifference curve is an illustration of different combinations of commodity quantities that would bring a whole community the same level of utility. The model can be used to describe any community, such as a town or an entire nation.
Under the standard assumption of neoclassical economics that goods and services are continuously divisible, the marginal rates of substitution will be the same regardless of the direction of exchange, and will correspond to the slope of an indifference curve (more precisely, to the slope multiplied by −1) passing through the consumption bundle in question, at that point: mathematically, it ...
If the axes depicting coconut collection and leisure are reversed and plotted with Crusoe's indifference map and production function, [1] figure 2 can be drawn: Figure 2: The Robinson Crusoe economy's production function and indifference curves. The production function is concave in two dimensions and quasi-convex in three dimensions. This ...
Interactive maps, databases and real-time graphics from The Huffington Post. HuffPost Data. Visualization, analysis, interactive maps and real-time graphics. Browse ...
An indifference curve can be detected in a market when the economics of scope is not overly diverse, or the goods and services are part of a perfect market. Any bundles on the same indifference curve have the same utility level. One example of this is deodorant. Deodorant is similarly priced throughout several different brands.
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