Indifference Curves in Consumer Theory Assignment Help for Students Who Want to Ace the Subject Fast!
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An introduction to the subject
- It is an inherent part of Microeconomics
- The word ‘Indifference’ in Consumer Theory refers to goods or a bunch of goods that are not similar to each other.
- The curve shows the consumers utilise different types of goods with same intensity
- The curves show the usage of different goods at the same time
- The points on Indifference curves show the usage of substitute goods as well.
Why it is essential to study indifference curves in consumer theory
- Indifference Curves in Consumer Theory predicts the demands, as the demands are made obvious by the points in the Curves
- The curves help in foreseeing consumer behaviour and utility patterns across sections and markets
- It plays a significant role in item distribution and controlling the prices of essential commodities
Indifference curves in consumer theory assignment help is essential
Students often seek indifference curves in consumer theory homework help as a lot of complex concepts such as Cobb-Douglas and CES are associated with the studying of this subject.
- Cobb-Douglas concept deals with the number of inputs and the amount of output relation. This is represented by:
- Y=ALβKα where, Y is the total output and A total productivity, L is Labour involved, and K denotes Capital
- α and β represent the capital and labour output elasticity
- CES is Constant Elasticity of Substitution and denotes production and Utility functions.
Studying consumer behaviour is essential, and Indifference curves help Economists in laying out their strategy effectively.
Characteristics of Cobb-Douglas & CES
If you want indifference curves in consumer theory homework help online, then it is essential to know few facts as well:
Total output will always be dependent on input values like labour and capital
- Cobb-Douglas is an empirical analysis
- CES is standardised to degree one.
- CES analysis is generic
- CES always considers the input value
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