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67 Pages Complete Study Notes Year: Pre-2021

Indifference curves cannot intersect - if they intersect they should be on the same IC curve ● The IC curve is supposed to show every bundle that the consumer is indifferent towards ○ They don’t care what bundle they get from the set ● Slope of indifference curves ● When more of a commodity is always preferred, the commodity is a good ● If every commodity is a good then indifference curves are negatively sloped ● If less of a commodity is always preferred then the commodity is a bad Extreme cases of indifference curves Perfect Substitutes ● If a consumer always regards units of commodities 1 and 2 as equivalent, then the commodities are perfect substitutes ● Only the total amount of the two commodities in bundles determines their preference rank-order


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