An indifference curve represents the combinations providing a single level of satisfaction. For each level of satisfaction, it is possible to formulate a different indifference schedule and hence a different indifference curve. It is possible to draw an infinite number of indifference curves.
A number of indifference curves representing various levels of satisfaction form an indifference map (Fig. 5.2). It shows all the indifference curves which rank the preferences of the consumer.
In the words of Handerson and Quant, “An indifference map is a collection of indifference curves corresponding to different levels of satisfaction, each curve on the right hand side represents a higher level of satisfaction as compared to the indifference curve on the left hand side as it represents greater quantities of both the commodities.
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A lower indifference curve, on the other hand, represents lesser quantities of both the commodities and hence it represents lesser level of satisfaction”.
In Fig. 5.1, IC, represents indifference curve depicting lowest satisfaction, IC2 represents higher satisfaction than IC1 and so on. Highest satisfaction is depicted by indifference curve IC1. Every individual indifference curve however represents the same level of satisfaction.
Consumer’s tastes and preferences are revealed not by one indifference curve, but by a family or a group or a set of indifference curves known as an indifference map. Assuming perfectly divisible goods, it is possible to draw an indifference curve through each point in the commodity space.
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The reason is simple. In the commodity space, each point represents a bundle of goods. Each bundle of goods in turn represents a particular level of satisfaction, which, therefore, can be depicted on an indifference curve.