Answer to Question #171675 in Microeconomics for Timothy Gyekye

Question #171675

Are indifference curves useless because it is difficult to drive them experimentally


1
Expert's answer
2021-03-18T16:35:13-0400

They have advantages which makes them useful. The advantages includes;


  1. Shows the preferences of a consumer.
  2. Helps in measuring the cost of living (living standards) of an individual.

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