Answer to Question #189176 in Microeconomics for dua mirza

Question

  There are few standard assumptions about what an indifference map can and cannot look like. Which are these assumptions, and what reasoning lies behind them?

Answer 1

(1)In order to maximize satisfaction, the customer behaves rationally.

(2) X and Y are two different types of products.

(3) The buyer has full knowledge of the prices of the products available on the market.