All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?
Answer Details
All pairs of quantities from which a consumer derives equal satisfaction can be plotted on an indifference curve.
An indifference curve is a graphical representation of all the different combinations of two goods that give a consumer the same level of satisfaction or utility. The slope of the indifference curve represents the trade-off between the two goods, meaning that the consumer is willing to give up some amount of one good to gain more of the other good while still remaining equally satisfied.
For example, if a consumer derives equal satisfaction from consuming one apple and two oranges, and from consuming two apples and one orange, these two combinations can be plotted on an indifference curve. The curve will show all the different combinations of apples and oranges that give the same level of satisfaction to the consumer.
Therefore, an indifference curve is the appropriate graph to represent equal satisfaction from different combinations of goods.