\documentclass[12pt,a4paper]{article} \usepackage[latin1]{inputenc} \usepackage{tikz} \usepackage{pgfplots} \usepackage{float} \begin{document} \begin{figure}[H] \centering \caption{Indifference Curves Illustrate Levels of Utility} \bigskip \begin{tikzpicture}[scale=1.2] % x and y axis \draw [->] (0,0) node [below] {0} -- (0,0) -- (5.5,0) node [below] {units of $x$}; \draw [->] (0,0) node [below] {0} -- (0,0) -- (0,5.5) node [above] {units of $y$}; % Indifference Curves \draw (0.3,5) to [out=280,in=175] (5.5,0.5) node[right]{$IC_{1}$}; \draw (1,5) to [out=280,in=175] (5.5,1.2) node[right]{$IC_{2}$}; \draw (1.6,5) to [out=280,in=175] (5.5,1.8) node[right]{$IC_{3}$}; % Bundles \node[] at (2.7,1.45) {\footnotesize $\bullet A$}; \node[] at (1.15,3.05) {\footnotesize $\bullet B$}; \node[] at (2.48,2.48) {\footnotesize $\bullet C$}; \node[] at (4,4) {$U_{3} > U_{2} > U_{1}$}; \end{tikzpicture} \end{figure} \end{document}