An Indifference Curve is the curve, which represents all those combinations of two commodities, which give same level of satisfaction to a consumer. Indifference Curves are convex to the point of origin because of diminishing Marginal Rate of Substitution. We can say that for every additional unit of a good X, a consumer is willing to sacrifice less and less amount of another good Y because of the application of the Law of Diminishing Marginal Utility.