Utility Analysis and Indifference

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Agenda

Curves

Curves (concave and convex curves in economics)

When graphing relationships between two variables, economists often use curves to represent those relationships. Two common types of curves used in economics are concave and convex curves.

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The shapes of these curves are important because they can provide insights into the behavior of consumers and producers in various economic situations.

Properties of Indifference Curves

Indifference map

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Equilibrium at Tangency / Consumer Equilibrium