Search results
Results From The WOW.Com Content Network
A collection of (selected) indifference curves, illustrated graphically, is referred to as an indifference map. The slope of an indifference curve is called the MRS (marginal rate of substitution), and it indicates how much of good y must be sacrificed to keep the utility constant if good x is increased by one unit.
A standard indifference-curve map for an individual has these properties and so is an ordering. Each ray from the origin ranks (conceivable) commodity bundles from least preferred on up (no ties in the ranking). Each indifference curve ranks commodity bundles as equally preferred (all ties in the ranking).
A community indifference curve is an illustration of different combinations of commodity quantities that would bring a whole community the same level of utility. The model can be used to describe any community, such as a town or an entire nation.
HuffPost Data. Visualization, analysis, interactive maps and real-time graphics
The respective hypothetical utilities of the two persons in two-dimensional utility space is analogous to respective quantities of commodities for the two-dimensional commodity space of the indifference-curve surface; The Welfare function is analogous to the indifference-curve map; The Possibility function is analogous to the budget constraint
The indifference curves are L-shaped and their corners are determined by the weights. E.g., for the function min ( x 1 / 2 , x 2 / 3 ) {\displaystyle \min(x_{1}/2,x_{2}/3)} , the corners of the indifferent curves are at ( 2 t , 3 t ) {\displaystyle (2t,3t)} where t ∈ [ 0 , ∞ ) {\displaystyle t\in [0,\infty )} .
Monday, October 12, 2020 is Indigenous Peoples’ Day in the U.S.. The holiday recognizes the native tribes of the U.S. before Christopher Columbus and other explorers arrived and displaced them ...
A social indifference curve drawn from an intermediate social welfare function is a curve that slopes downward to the right. The intermediate form of social indifference curve can be interpreted as showing that as inequality increases, a larger improvement in the utility of relatively rich individuals is needed to compensate for the loss in ...