Indifference

Indifference occurs when a person does not care about something either way. Before the break, we learned about indifference curves and the marginal rate of substitution. According to the textbook, the indifference curve is a line that shows combinations of goods among which a consumer is indifferent.
Indifference curves and the goods compared on them can be customized depending on the person. A preferred place on the indifference curve does not necessarily mean more of both goods, just what number of each an individual prefers.
By looking at the marginal rate of substitution, the rate at which a person will give up more of one good to get another while staying on the same indifference curve, the diminishing marginal rate of substation, the indifference curve, and budget line, we can find the preferred consumer equilibrium. For example, we can see how much movie tickets, good B, can be substituted for gas, good A; you always substitute good B for good A.
I think these are all wonderful tools for economists to use because they allow us to see so much about what a person would prefer and a good consumer equilibrium and we can even derive a demand curve from an indifference curves. In the economic world, I’m sure economists, consumers, and producers are not indifferent to indifference curves.