{"id":6670,"date":"2018-02-08T22:11:10","date_gmt":"2018-02-08T22:11:10","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/?post_type=chapter&#038;p=6670"},"modified":"2024-04-25T21:43:36","modified_gmt":"2024-04-25T21:43:36","slug":"introduction-to-indifference-curves","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/introduction-to-indifference-curves\/","title":{"raw":"Introduction to Indifference Curves","rendered":"Introduction to Indifference Curves"},"content":{"raw":"<h2>What you'll learn to do: find consumer equilibrium using indifference curves and a budget constraint<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/26225437\/savings-2789112_1920.jpg\"><img class=\"aligncenter wp-image-7805 \" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/26225437\/savings-2789112_1920-1024x683.jpg\" alt=\"Image of caliper holding a stack of coins next to a calculator. The caliper is laying on a budget report.\" width=\"574\" height=\"383\" \/><\/a><\/h2>\r\nAlthough numbers can be used to illustrate consumer preferences, economists don't believe that we can objectively measure someone's utility. In this section, you'll learn an alternative way of identifying consumer equilibrium that only requires that you can rank preferences\u2014that is, you can say whether you prefer Option A to Option B.","rendered":"<h2>What you&#8217;ll learn to do: find consumer equilibrium using indifference curves and a budget constraint<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/26225437\/savings-2789112_1920.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-7805\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/26225437\/savings-2789112_1920-1024x683.jpg\" alt=\"Image of caliper holding a stack of coins next to a calculator. The caliper is laying on a budget report.\" width=\"574\" height=\"383\" \/><\/a><\/h2>\n<p>Although numbers can be used to illustrate consumer preferences, economists don&#8217;t believe that we can objectively measure someone&#8217;s utility. In this section, you&#8217;ll learn an alternative way of identifying consumer equilibrium that only requires that you can rank preferences\u2014that is, you can say whether you prefer Option A to Option B.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-6670\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Introduction to Indifference Curves. <strong>Authored by<\/strong>: Steven Greenlaw and Lumen Learning. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>budget, calculator, coins. <strong>Authored by<\/strong>: stevepb . <strong>Provided by<\/strong>: Pixabay. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/pixabay.com\/en\/savings-budget-investment-money-2789112\/\">https:\/\/pixabay.com\/en\/savings-budget-investment-money-2789112\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/cc0\">CC0: No Rights Reserved<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":29,"menu_order":10,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Introduction to Indifference Curves\",\"author\":\"Steven Greenlaw and Lumen Learning\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"budget, calculator, coins\",\"author\":\"stevepb \",\"organization\":\"Pixabay\",\"url\":\"https:\/\/pixabay.com\/en\/savings-budget-investment-money-2789112\/\",\"project\":\"\",\"license\":\"cc0\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"c410e951-115b-4ecb-a5a4-ef2a6c192472","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-6670","chapter","type-chapter","status-publish","hentry"],"part":6365,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/6670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/users\/29"}],"version-history":[{"count":11,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/6670\/revisions"}],"predecessor-version":[{"id":8392,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/6670\/revisions\/8392"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/parts\/6365"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/6670\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/media?parent=6670"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=6670"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/contributor?post=6670"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/license?post=6670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}