what is the meaning of indifference set

An indifference set refers, to a tabular presentation of various combinations of two goods that provide the consumer the same utility. When the various combinations in an indifference set are depicted on a graph, it is called indifference curve.

 

Consumption Bundle

Good 1

(units)

Good 2

(units)

1

7

2

2

5

4

3

2

5

4

1

6


On the other hand, indifference map is a family or collection of indifference curves that depicts the different levels of satisfaction and preference of a consumer. Each indifference curve in an indifference map depicts a particular level of satisfaction. Higher indifference curve in an indifference map depicts higher level of satisfaction while, the lower indifference curve depicts lower level of satisfaction.

 

Thus, we can conclude that Indifference Set is different from Indifference Map.

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