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Demand Indifference Curve Analysis

 Demand Indifference Curve Analysis

Indifference Map

     An absolute description of consumer’s choices and inclination can be depicted by an indifference map which comprises of a set of indifference curves. As the field in a two dimensional sketch incorporates an infinite number of points, each depicting a combination of commodities A and B there will be an infinite number of indifference curves each passing through combinations of commodities that are evenly desirable to the consumer.

     An indifference map of a consumer is exposed which comprises of five indifference curves. The consumer considers all combinations on the indifference curve I as providing him equal contentment. Likewise all the combinations falling on indifference curve 2 offer the same contentment however the level of contentment on indifference curves 2 for the grounds already described will be huger than the level of concernment on indifference curve 1.

    Similarly, all higher indifference curves, 3, 4 and 5 depict progressively higher and huger levels of contentment. It is significant to remember that while the consumer will favour any combination on a higher indifference curve to any combination on a lower indifference curve but by how much he favours one combination to the other cannot be known.

                       

    In other terminology, a higher indifference curve depicts a higher level of contentment than a lower indifference curve however by how much huger cannot be indicated. This is for the reason that the indifference curve system depends on the concept of ordinal utility as per to which the consumer is likely to comment only the quantitative dissimilarities in his several levels of contentment.

     It is not feasible for the consumer to identify quantitative dissimilarities in his several levels of contentment. Thus, in an indifference map successively higher indifference curves can be referred by any ascending sequence, the degree of these several numbers and the quantitative dissimilarities among them having no significance. It is more common to label the indifference curves by ordinal numbers as 1 to 5 in the diagram.

    An indifference map of a consumer depicts as told earlier, his choices, inclination for the two commodities and his preferences among diverse combinations of them. In other terms, an indifference map represents consumer’s scale of choices.

    Degree of inclination of indifference curve analysis replaces Marshall’s utility agenda. As long as consumer’s choices and inclination stay unaffected the absolute indifference map will stay the same.

    If the consumer’s choices and inclination experience a variation then a fresh indifference map relating to fresh choices and inclination will have to be sketched. If for example, product B is milk, and product A is butter milk and if one suggests to consume more of milk to overcome something complexities, the dimensions of all indifference curves will vary and his indifference map will have to be reshaped.

     As the person suggesting will strengthen our consumer’s aspiration for milk, now a smaller volume of milk than earlier will be given up by him for a provided increment of buttermilk.

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