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The indiffere...

Question

The indifference curve analysis is also known as _________.

A

ISO-Utility analysis

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B

marginal utility analysis

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C

cardinal utility analysis

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D

gossens first law

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Solution

The correct option is A ISO-Utility analysis
The indifference curve is a combination of two goods which would give the consumer the same amount of utility. Every point on the indifference curve would be a point where the consumer is indifferent. The indifference curve is downward sloping because for the consumer to purchase of more of some good, it has to give up some of another good.

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Q. When a consumer moves upward along an indifference curve, his total utility _________.

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Marginal utility analysis of consumer equilibrium assumes that utility can be expressed in terms of cardinal numbers which is a serious limitation of utility analysis.

Q. Utility Analysis studies consumer's equilibrium on the assumption that utility can be expressed in terms of units like 2, 4, 6. Indifference Curve Analysis, on the other hand, assumes that utility cannot be expressed in terms of units; it can at best be compared. Does it mean that consumer's equilibrium (in terms of the consumption of goods X and Y) should be different, using different assumptions?

Q. Name the economists who developed:
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