The Shape of Indifference Curves Assignment Help
Make a Smart Decision by Opting the Shape of Indifference Curves Homework Help
In Microeconomics you will definitely study the topic of indifference curves and many times it is seen that students get confused in understanding the shape of indifference curves. The reason is that there is a lot of detailed explanation behind it which is a bit difficult to comprehend. If you are also facing the same problem, then opt for the shape of indifference curves homework help as early as possible.
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Get to know about the shape of indifference curves
The shape of indifference curve is based on the concept of diminishing marginal rate of substitution between two goods, and most of the indifference curves that follow the pattern of normal preferences are convex in shape. The marginal rate of substitution is actually the amount of one good forgone for obtaining an extra unit of the other good. Thus the slope of indifference curve actually gives an idea about the marginal rate of substitution.
The theory is really wide spread in this topic and if you are confused then avail the shape of indifference curves homework help on time.
The most common shapes associated with indifference curves
There can be different shapes of indifferent curves based on the associated conditions, and some of the most common shapes that you will get to study are as follows-
- Generally you will see most of the indifference curves being convex shaped that are downwards sloping and depict the case of normal preferences amongst consumers. It is the simplest pattern that you will analyze.
- If you are dealing with the case of perfect substitutes then in such case the indifference curves are going to be straight lines that will be downward sloping.
- If you are dealing with the case of perfect complements then in such a case the indifference curves are going to be L shaped.
- In case of bad goods where the consumer does not like one particular good amongst the two given goods then indifference curves will be straight lines sloping upwards.
- In case of neutral goods, the indifference curves are going to be straight vertical lines.
You should not only know about the differently shaped indifference curves, but it is very important to analyze and understand the reasons that why they are shaped so. So if you are lacking clarity in this area, then the shape of indifference curves assignment help should be availed on right time.
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