In indifference map higher ic indicates?
Thursday, March 03, 2022
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Question: In indifference map higher ic indicates?
A higher ic would imply a higher basket of good available for consumption by the consumers. An ic that is to the right and above another ic corresponds to higher level of income and therefore represents higher level of satisfaction. Highier indifference curve represents higher level of satisfaction as consumer is able to buy more of goods on a higher ic.
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