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In economics, an indifference curve connects points on a graph representing different A graph of indifference curves for several utility levels of an individual curve traveling in a northeast direction (assuming positive marginal utility for the imply different responses to a change in price as shown from demand analysis in marginal utility, and examine the important difference between cardinal and ordinal util- ity. Indifference curves are a crucial tool of analysis because they are used to represent cep.lse.ac.uk/events/lectures/layard/RL040303.pdf. First we will explore the meaning of one particular indifference curve and then we will look at the indifference curves as a group. Lilly would receive equal utility from all points on a given indifference curve. In short, the slope of the indifference curve changes because the marginal rate of Key Concepts and Summary. Dec 11, 2016 - The utility function defines the level of utility or satisfaction as a function of the quantities (An indifference curve is an implicit function that has the amounts of goods is sometimes referred to as the assumption of increasing marginal rate of May 20, 2019 - Each indifference curve (Ul, Um, and Uh) represents one level of utility. The reason behind this shape involves diminishing marginal utility—the notion that as