2. 7/15/2020 Slide Copyright - econofun by Sanjay Jogai 2
TWO APPROACH
UTILIY APPROACH
(Cardinal -exact units)
INDIFFERENCE CURVE APPROACH
(Ordinal-ranks)
INDIFFERENCE CURVE
A curve that shows the
various combinations of
two goods that gives same
level of satisfaction.
BUDGET LINE
Locus of all points
showing different
combinations of two
goods that a consumer can
actually buy at given
income and prices .
11. BELIEVE IN YOURSELF
7/15/2020 Slide Copyright - econofun by Sanjay Jogai 11
STAY SAFE, STAY HEALTHY
ALWAYS USE MASK & SANITIZER
AVOID CROWDED PLACES
HANDWASH MANY TIMES A DAY
VALUE TIME