Consider the following statements about indifference curves : 1. Ind

by

Consider the following statements about indifference curves :

  • 1. Indifference curves are convex to the origin.
  • 2. Higher indifference curve represents higher level of satisfaction.
  • 3. Two indifference curves cut each other.

Which of the statements given above is/are correct?

1 only
1 and 2 only
2 and 3 only
3 only
This question was previously asked in
UPSC CDS-1 – 2019
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Statements 1 and 2 are correct. Statement 3 is incorrect. Therefore, option B is the correct answer.
Indifference curves are graphical representations of consumer preferences, showing combinations of two goods that yield the same level of satisfaction or utility. Key properties include: they are convex to the origin (due to diminishing marginal rate of substitution), higher curves represent higher satisfaction levels, and they do not intersect each other.
The diminishing marginal rate of substitution (MRS) means that as a consumer consumes more of one good and less of another while staying on the same indifference curve, the amount of the second good they are willing to give up for an additional unit of the first good decreases. If two indifference curves intersected, it would imply that a point on one curve and a point on another curve represent the same level of utility (the intersection point), while other points on the higher curve clearly represent a higher level of utility than points on the lower curve, leading to a contradiction and violating the assumption of transitivity in consumer preferences.

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