A curve on a graph (the axes of which represent quantities of two commodities) linking those combinations of quantities which the consumer regards as of equal value.
- Formally then, utility is maximized at the point where the budget line is tangential to an indifference curve.
- This, of course, will be determined by their new tangential indifference curve.
- Moreover, goods and services in early growth stages defy analysis in terms of efficient frontiers and indifference curves.
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