difference between Indifference set and Indifference map.
Indifference Set
It is a set of those combination of two goods which offer the consumer the same level of satisfaction, so that, the consumer is indifferent across any number of combination in his indifference set.
Monotonic Preferences
Monotonic preferences refers to a situation where the consumer will prefer more quantity of commodities than lesser quantity.
Indifference Map
It refers to a set of indifference curves corresponding to different income levels of the consumer.
In an indifference map, indifference curves are parallel and a higher indifference curve represents a higher level of satisfaction.
Consumer's Budget
It is the real purchasing power of consumer from which he can purchase certain quantitative bundles of two goods at a given price.
In difference set- combination of different bundles.
In difference map - family of indifference maps.
In difference map - family of indifference maps.