Definition: The Indifference Map is the graphical representation of two or more indifference curves showing the several combinations of different quantities of commodities, which consumer consumes, given his income and the market price of goods and services.
What is an indifference map explain with diagram?
Indifference map refers to a set of indifference curves. An indifference curve which is to the right and above another shows a higher level of satisfaction to the consumer. Here, IC3 shows higher level of satisfaction than IC2. Thus, the indifference curve relates to a higher level of income of the consumer.
What are the characteristics of indifference map?
Characteristics of Indifference Curves
- Indifference curves slop downward to the right. ...
- Every indifference curve to the right represents a higher level of satisfaction. ...
- Indifference curves cannot intersect each other. ...
- Indifference curve will not touch the axis. ...
- Indifference curves are convex to the origin.
