Indifference Map - The set of indifference curves is known as indifference map.
The different curves of indifference map shows different level of satisfaction and higher indifference curve always shows higher level of satisfaction. In diagram, there are three indifference curves IC1, IC2 and IC3. IC1 is the lowest and IC3 is the highest curve .So IC3 will show highest satisfaction.
Marginal Rate of Substitution (MRS) - The amount of other commodity which has been sacrificed (given up) in order to consume an additional unit of a commodity is called marginal rate of substitution.
Marginal Rate of Substitution (MRSXY) is the slope of indifference curve.
