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MICROECONOMICS CH : 4 CONSUMER'S EQUILIBRIUM INDIFFERENCE CURVE ANALYSIS — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 4 CONSUMER'S EQUILIBRIUM INDIFFERENCE CURVE ANALYSIS2 Marks
Question
How does MRS impact the shape of IC?
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Answer

Shape of IC directly depends on MRS. MRS tends to decline. As a result, IC is convex to the origin. Higher the MRS, greater is the convexity of IC and vice versa.

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