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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
The indifference curve map represents the consumer’s utility function. Any curve above and to the right represents a higher level of utility.
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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
m one indifference curve to the next represents an increase in utility, and moving down and to the left represents a decrease. The map could look like that in Exhibit 3. Exhibit 3. An Indifference Curve Map Note: <span>The indifference curve map represents the consumer’s utility function. Any curve above and to the right represents a higher level of utility. Because of the completeness assumption, there will be one indifference curve passing through every point in the set. Because of the transitivity assumption, no two indiffer


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