Indifference curve

Indifference curve:

The data in the indifference schedule can be symbolized in the graph with one commodity on X-axis and other commodity in the Y-axis. The different combinations of the two commodities are plotted and connected to form a curve termed as indifference curve. In figure IC is an indifference curve exhibiting combinations of the two commodities specified in the schedule.

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Figure: Indifference Curve

Every point on this curve gives equivalent level of satisfaction to the consumer. Indifference curve is otherwise termed as ‘iso–utility curve’.

Indifference Map:

Indifference Map is a class of indifference curves for two commodities exhibiting different levels of satisfaction. In this indifference map, it must be clearly understood that a higher indifference curve symbolizes higher level of satisfaction and a lower indifference curve symbolizes lower level of satisfaction. Being rational, the consumer will always select a higher indifference curve to acquire maximum satisfaction, other things being equivalent.

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 Figure: Indifference Map

 

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