Indifference curves are graphic representations depicting various quantities of goods that, for a particular consumer, will keep this quantity constant.
Applying the Cobb-Douglass equation to this economic concept can be done to easily solve the Fisher Equilibrium problem by transforming it into an equivalent homogenous degree 1 log-concave function. Von Neumann and Oskar Morgenstern proposed four axioms such as completeness and transitivity that govern the rationality people exist that is necessary to account for while calculating this economic quantity. One way of graphically illustrating this quantity with respect to two resources was illustrated in Francis Edgeworth's Mathematical Psychics, and involves plotting various combinations of various quantities of two (*) resources for two party's consumption. Indifference curves are graphic representations depicting various quantities of goods that, for a particular consumer, will keep this quantity constant. For 10 points, name this economic measure of satisfaction.
Applying the Cobb-Douglass equation to this economic concept can be done to easily solve the Fisher Equilibrium problem by transforming it into an equivalent homogenous degree 1 log-concave function.
(economic) {utility}