| 单词 | indifference curve |
| 释义 | indifference curve A diagram representing the preferences of an individual. If the amounts of two goods consumed are shown on the axes, an indifference curve connects combinations of the two goods giving equal welfare. Combinations above any indifference curve are preferred to those on it, and these are preferred to those below. The indifference curves for any individual cannot cross. The slope of an indifference curve at any point shows the marginal rate of substitution between the goods, and the elasticity of substitution measures its curvature. Since the axes represent goods, indifference curves are downward-sloping by assumption. They are generally assumed to be convex to the origin, but this, if correct, is a psychological fact and not a logical necessity. Consumers who are price-takers cannot be in equilibrium, with maximized utility, at any point where their indifference curve is concave to the origin. Indifference curves can also be drawn up with a good, for example income, on one axis, and a bad, such as work done, on the other. community indifference curve are drawn for countries in international trade theory, but such curves are valid only for rather restrictive assumptions about income distribution within a country. The horizontal axis shows consumption of good X; the vertical axis shows consumption of good Y. i0 shows a lower level of utility than i1, which in turn shows a lower level of utility than i2. Indifference curves for the same individual cannot cross. The curves are drawn concave upwards: this is a plausible empirical assumption, not a logical necessity. They may or may not meet the two axes. See also: elasticity of substitution |
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