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#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
An indifference curve map represents our consumer’s entire utility function.
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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
and lying above and to the right of the first one. Indeed, we could construct any number of indifference curves in the same manner simply by starting at a different initial bundle. The result is an entire family of indifference curves, called <span>an indifference curve map , and it represents our consumer’s entire utility function. The word map is appropriate because the entire set of indifference curves comprises a contour map of this consumer’s utility function. Each contour, or indifference curve, is a set of p


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