![]() ![]() The slope of an indifference curve is called the MRS (marginal rate of substitution), and it indicates how much of good y must be sacrificed to keep the utility constant if good x is increased by one unit. A collection of (selected) indifference curves, illustrated graphically, is referred to as an indifference map. ![]() There are infinitely many indifference curves: one passes through each combination. The main use of indifference curves is in the representation of potentially observable demand patterns for individual consumers over commodity bundles. Utility is then a device to represent preferences rather than something from which preferences come. In other words, an indifference curve is the locus of various points showing different combinations of two goods providing equal utility to the consumer. One can also refer to each point on the indifference curve as rendering the same level of utility (satisfaction) for the consumer. That is, any combinations of two products indicated by the curve will provide the consumer with equal levels of utility, and the consumer has no preference for one combination or bundle of goods over a different combination on the same curve. In economics, an indifference curve connects points on a graph representing different quantities of two goods, points between which a consumer is indifferent. Concept in economics An example of an indifference map with three indifference curves represented
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