Easy on Economics

The measures of central tendency do not always show the real picture. Take for example, the following numbers 35, 35, 35, 35, 35 and  20, 25, 30,45, 55  The mean of both the series is 35. That is 35 is representative of both the series. However, there is variability in data. In the first series, all the values are equal to 35, in the second one, they vary and none of the values is 35. So, we say that dispersion or variability exists. We can find this dispersion amongst the values and between the values and the mean. The methods to find them are the measures of dispersion. They are  1. Range 2. Quartile Deviation 3. Mean Deviation 4. Standard Deviation 5. Lorenz Curve

  The main properties of indifference curve are as follows 1. Indifference curves are downward sloping curves. In order to consume more of one good, the consumption of other good needs to be sacrificed. 2. The slope of the indifference curve is depicts the Marginal Rate of Substitution between two goods. The more you have one good, the lesser and lesser of the other good is sacrificed. This means that the Marginal Rate of Substitution declines as we move down the indifference curve. 3. Higher the indifference curve, higher is the level of satisfaction. 4. Indifference curves do not intersect each other. 5. Indifference curves do not touch either of the axis.