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Concept of Indifference Curve
Indifference Map
Characteristics or Properties of Indifference Curve
Budget Line
Least Of Combinations
Marginal rate of Substitution (MRS)
LEAST COST COMBINATION:
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It is mainly concerned with the determination of least cost combination of goods. First draw Indifference Curve on a graph paper then draw Budget Line on the same graph paper. If required, move the budget line or draw the parallel line in such a way that it intersects the Indifference Curve at one point. It indicates the least cost combination.



Conclusion:
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Combination C is found to be least cost because at this level Indifference Curve and Budget line intersects to each other. Therefore, the consumer should buy 3 kg of apple and 2 kg of chiku.
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