Who is the founder of indifference curve?

economist Francis Y. Edgeworth
Developed by the Irish-born British economist Francis Y. Edgeworth, it is widely used as an analytical tool in the study of consumer behaviour, particularly as related to consumer demand.

What is ISO-utility curve?

An isoquant curve is a concave line plotted on a graph, showing all of the various combinations of two inputs that result in the same amount of output. Most typically, an isoquant shows combinations of capital and labor and the technological trade-off between the two.

Is indifference curve the same as utility?

The indifference curve is just a curve connecting points with the same utility level (same value of u(x1,x2)) but for any such value we get a different IC while the utility function is kept the same.

What is indifference curve in ordinal utility?

The concept of ordinal utility implies that the consumer cannot go beyond stating his preference or indifference. In other words, all combinations of the goods lying on a consumer’s indifference curve are equally preferred by him. Indifference curve is also called Iso-utility curve.

Who gave ordinal utility approach?

Pareto
The ordinal utility concept was first introduced by Pareto in 1906.

Who gave the cardinal concept of utility?

It was Alfred Marshall who first discussed the role played by the theory of utility in the theory of value. In Marshall’s theory, the concept of utility is cardinal.

What is indifference curve explain the properties of indifference curve?

Definition: An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility. Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utility.

Why is indifference curve convex to the origin?

Indifference curves are convex to the origin because as the consumer begins to increase his or her use of one good over another, the curve represents the marginal rate of substitution. The marginal rate of substitution goes down as the consumer gives up one good for another, so it is convex to the origin.

Why are indifference curves convex to the origin?

How do you find the indifference curve of a utility function?

If you are given a utility function U(x,y), it is easy to derive a given indifference curve from it: simply plot all points (x,y) such that U(x,y) equals a constant. This is a utility function in which the consumer values x as much as a/b units of y.

Who first introduced the ordinal utility analysis to indifference curves hypothesis?