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Explain indifference map with diagram.

Asked by Topperlearning User 25th April 2016, 11:03 AM
Answered by Expert
Answer:

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.

  

 

Answered by Expert 25th April 2016, 1:03 PM
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