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- Indifference curves and budget lines - Economics Help
Being tangential to first indifference curve it enables the consumer to obtain the same utility as before (as if there was no change in income ) By focusing on B-3, we are examining the effect of price change – ignoring any income effect
- Econ 313 Ch. 16 Flashcards - Quizlet
At such a point both indifference curves are tangent (MRSa=MRSb) and it's impossible to move a person without making someone worse off Study with Quizlet and memorise flashcards containing terms like Individually rational allocation, Competitive equilibrium, Pareto efficient allocation and others
- Topic 1: Indifference Curves - University of Toronto
At this point we must keep in mind that the indifference map in Figure 3 assumes that both X and Y are normal goods---that is, that indifference curve U 1 is tangent to the new higher budget line at a point to the right of output level X 0
- Indifference Curve: Understanding Preferences and Optimal . . .
By identifying the point where the highest indifference curve is tangent to the budget line, the consumer can determine the optimal allocation of their income between travel and dining out, maximizing their utility
- Budget lines and Indifference curves: How do you figure where . . .
For a given budget line, the optimization point is at the point where the indifference curve is just tangent to the budget line For example, here is a graph used to illustrate how inferior goods behave with increases in income:
- Contract Curve Definition Examples - Quickonomics
The points where their indifference curves are tangent to each other, and thus cannot be reallocated to make one party better off without harming the other, form the contract curve
- Indifference Curve Analysis | Microeconomics - Lumen Learning
Indifference curves have a roughly similar shape in two ways: 1) they are downward sloping from left to right; 2) they are convex with respect to the origin In other words, they are steeper on the left and flatter on the right
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