Consumer Behaviour: Indifference Curve Analysis

Economics · Chapter 3 · 1. Microeconomic Theory: Demand and Elasticity of Demand

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Visual lesson Beta
1. Part 1: Indifference Curves and MRS18 slides
2. Part 2: Budget Line and Consumer's Equilibrium18 slides
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Notes Beta
6 sections with key terms, formulas and exam tips.
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Flashcards Beta
30 cards for quick recall of key terms and facts.
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Practice
77 board-style questions with instant checks: Multiple choice 24, Short answer 23, Long answer 8, Numerical 7.
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Chapter test Free
Short and long chapter tests in board pattern, with results and analysis.
- Chapter test (long) — Consumer Behaviour: Indifference Curve Analysis · 40 marks · 100 min
- Chapter test (short) — Consumer Behaviour: Indifference Curve Analysis · 20 marks · 50 min
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Ordinal utility; indifference schedule, indifference curve and indifference map
Marginal rate of substitution (MRS) and diminishing MRS
Properties of indifference curves
Budget line (price line): equation, slope and shifts with changes in income and prices
Consumer's equilibrium with indifference curves: MRS = Px/Py and convexity