How to formulate an indifference curve
0
$begingroup$
This question is stemming from an economic context, but I am only interested in the mathematical formulation of the indifference curve itself. They are simple to draw free-hand, but I have no idea how to formally define one. Here is an example:
Question
How can we write mathematically the formula for an indifference curve, or even something that looks very close to it?
Notes:
- The ends don't quite reach either the x or y axis (the curves are just kind of floating)
- I would appreciate brief notes about which each part of the equation means (i.e. what makes it concave/convex, what governs the slope, ect)
- I prefer a solution that doesn't rely on domain notation
functions graphing-functions
asked Dec 13 '18 at 8:59
Arash HowaidaArash Howaida
1084
$endgroup$
add a comment |
0
$begingroup$
This question is stemming from an economic context, but I am only interested in the mathematical formulation of the indifference curve itself. They are simple to draw free-hand, but I have no idea how to formally define one. Here is an example:
Question
How can we write mathematically the formula for an indifference curve, or even something that looks very close to it?
Notes:
- The ends don't quite reach either the x or y axis (the curves are just kind of floating)
- I would appreciate brief notes about which each part of the equation means (i.e. what makes it concave/convex, what governs the slope, ect)
- I prefer a solution that doesn't rely on domain notation
functions graphing-functions
asked Dec 13 '18 at 8:59
Arash HowaidaArash Howaida
1084
$endgroup$
$begingroup$
An indifference curve is a particular contour in a contour plot of a cost function which depends on two variables. It is given by some equation like $C(X,Y)=constant$. For example $X$ could be entry price and $Y$ queuing time. The shape of the curve is determined by the cost function. The cost function might be meaningless for some values of the variables, for instance you can't queue for a negative amount of time, this introduces boundaries.
$endgroup$
– user121049
Dec 13 '18 at 9:43
1
$begingroup$
You can also search for level set. It maybe gives you more relevant hits.
$endgroup$
– mathreadler
Dec 13 '18 at 9:53
add a comment |
0
0
0
0
$begingroup$
This question is stemming from an economic context, but I am only interested in the mathematical formulation of the indifference curve itself. They are simple to draw free-hand, but I have no idea how to formally define one. Here is an example:
Question
How can we write mathematically the formula for an indifference curve, or even something that looks very close to it?
Notes:
- The ends don't quite reach either the x or y axis (the curves are just kind of floating)
- I would appreciate brief notes about which each part of the equation means (i.e. what makes it concave/convex, what governs the slope, ect)
- I prefer a solution that doesn't rely on domain notation
functions graphing-functions
asked Dec 13 '18 at 8:59
Arash HowaidaArash Howaida
1084
$endgroup$
This question is stemming from an economic context, but I am only interested in the mathematical formulation of the indifference curve itself. They are simple to draw free-hand, but I have no idea how to formally define one. Here is an example:
Question
How can we write mathematically the formula for an indifference curve, or even something that looks very close to it?
Notes:
- The ends don't quite reach either the x or y axis (the curves are just kind of floating)
- I would appreciate brief notes about which each part of the equation means (i.e. what makes it concave/convex, what governs the slope, ect)
- I prefer a solution that doesn't rely on domain notation
functions graphing-functions
functions graphing-functions
asked Dec 13 '18 at 8:59
Arash HowaidaArash Howaida
1084
asked Dec 13 '18 at 8:59
Arash HowaidaArash Howaida
1084
edited Dec 13 '18 at 9:05
Arash Howaida
asked Dec 13 '18 at 8:59
Arash HowaidaArash Howaida
1084
asked Dec 13 '18 at 8:59
Arash HowaidaArash Howaida
1084
asked Dec 13 '18 at 8:59
Arash HowaidaArash Howaida
1084
1084
$begingroup$
An indifference curve is a particular contour in a contour plot of a cost function which depends on two variables. It is given by some equation like $C(X,Y)=constant$. For example $X$ could be entry price and $Y$ queuing time. The shape of the curve is determined by the cost function. The cost function might be meaningless for some values of the variables, for instance you can't queue for a negative amount of time, this introduces boundaries.
$endgroup$
– user121049
Dec 13 '18 at 9:43
1
$begingroup$
You can also search for level set. It maybe gives you more relevant hits.
$endgroup$
– mathreadler
Dec 13 '18 at 9:53
add a comment |
$begingroup$
An indifference curve is a particular contour in a contour plot of a cost function which depends on two variables. It is given by some equation like $C(X,Y)=constant$. For example $X$ could be entry price and $Y$ queuing time. The shape of the curve is determined by the cost function. The cost function might be meaningless for some values of the variables, for instance you can't queue for a negative amount of time, this introduces boundaries.
$endgroup$
– user121049
Dec 13 '18 at 9:43
1
$begingroup$
You can also search for level set. It maybe gives you more relevant hits.
$endgroup$
– mathreadler
Dec 13 '18 at 9:53
$begingroup$
An indifference curve is a particular contour in a contour plot of a cost function which depends on two variables. It is given by some equation like $C(X,Y)=constant$. For example $X$ could be entry price and $Y$ queuing time. The shape of the curve is determined by the cost function. The cost function might be meaningless for some values of the variables, for instance you can't queue for a negative amount of time, this introduces boundaries.
$endgroup$
– user121049
Dec 13 '18 at 9:43
$begingroup$
An indifference curve is a particular contour in a contour plot of a cost function which depends on two variables. It is given by some equation like $C(X,Y)=constant$. For example $X$ could be entry price and $Y$ queuing time. The shape of the curve is determined by the cost function. The cost function might be meaningless for some values of the variables, for instance you can't queue for a negative amount of time, this introduces boundaries.
$endgroup$
– user121049
Dec 13 '18 at 9:43
1
1
$begingroup$
You can also search for level set. It maybe gives you more relevant hits.
$endgroup$
– mathreadler
Dec 13 '18 at 9:53
$begingroup$
You can also search for level set. It maybe gives you more relevant hits.
$endgroup$
– mathreadler
Dec 13 '18 at 9:53
add a comment |
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$begingroup$
An indifference curve is a particular contour in a contour plot of a cost function which depends on two variables. It is given by some equation like $C(X,Y)=constant$. For example $X$ could be entry price and $Y$ queuing time. The shape of the curve is determined by the cost function. The cost function might be meaningless for some values of the variables, for instance you can't queue for a negative amount of time, this introduces boundaries.
$endgroup$
– user121049
Dec 13 '18 at 9:43
1
$begingroup$
You can also search for level set. It maybe gives you more relevant hits.
$endgroup$
– mathreadler
Dec 13 '18 at 9:53