Introduction to Indifference Curves (including MRS/ Why they don't cross / Shape) скачать в хорошем качестве

Introduction to Indifference Curves (including MRS/ Why they don't cross / Shape)

Hi Everyone in this video I provide an introduction to indifference curves. In the video I explain what indifference curves are, and then I discuss three common features. The first feature is that indifference curves should never cross. The second feature is the interpretation of the slope of our indifference curves, and the slope is called the Marginal Rate of Substitution or the MRS. The last features is the shape of our indifference curves, which brings us to Diminishing Marginal Rate of Substitution. Sometime Indifference curves look a bit different to the ones in the video, hopefully I can do some more videos later on different shaped indifference curves. 0:00 Introduction 0:10 What Indifference curves are 2:42 Indifference Maps 5:06 Why Indifference Curves Cannot Cross 6:21 Interpreting the Slope as the Marginal Rate of Substitution 9:52 Explaining the Shape of Indifference Curves: Diminishing Marginal Rate of Substitution Thanks for watching, hope that you are all keeping safe!