indifference curves

onlysimon

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I’m not really following the shapes.. for wealth I get it, being rich or really rich.. so what..
the work leisure one is odd though.
why would I be indifferent to working 40hours with 2hrs leisure, and working 50hours with 1.5hours leisure? this is not right.
I will only work 50hours IF my leisure goes up. I don’t get this.
 
Indifference curves are simply microeconomic models which have the ambition to explain how two variables can related one another
against something not easily quantifiable i.e. the user satisfaction.
 
I agree that the work versus leisure indifference curve is odd. Actually there is an undisclosed assumption that when you work more you make more money.
I see they tried to make something oversimplistic to show how indifference curves apply to anything, and not just consumption goods, but it does not really work.
Of course the idea of an indifference curve is not to just say that an individual would give up 1 unit of good A for one more unit of good B: the proportion is not 1 to 1 (it can be at some point of the curve but…)
The same should be true for the work versus leisure curve but the problem is:
1) they plot two points on the curve which make you think that the trade-off is 1 to 1: (6h leisure; 4h work) and (6h work; 4h leisure) (only the shape of the curve makes you understand that the trade-off is not 1 to 1 but somehow they prefered to plot these two, probably because for the reason I mention in my point 2)
2) obviously the total number of hours in the day is fixed so if you spend one less hour working you have to have one more hour leisure as a matter of fact. It does not mean you’d be indifferent between the two. But it just can’t be otherwise. Given this “constraint”, drawing an indifference curve between these two “goods” is total virtual.
Maybe we should think about this curve rather as an indifference curve between money and leisure, assuming money is linked to the number of hours you work. Then the question would be how many hours of leisure would you be able to give up to earn $100 more a day or so. That would make more sense.
 
if you had no preference between work & leisure it would be a straight line where X+Y=”hours you are awake.”
the curve in the book is kind of x=1/y this implies you like working a lot, but you also like leisure a lot, so there is a global minimum where you have a work-life balance.
clearly this doesn’t apply to me, i’m more like
so i like a little work and a little leisure, but as soon as I’m asked to put in the hours I want a reward. I think the book just chose the wrong curve..
 
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