Question

17. Describe the conditions of consumer equilibrium in one
commodity case. Use Schedule and diagram.
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Answer 1

Answer:

The solution to the consumer's problem, which entails decisions about how much the consumer will consume of a number of goods and services, is referred to as consumer equilibrium. This condition states that the marginal utility per dollar spent on good 1 must equal the marginal utility per dollar spent on good 2.

Explanation: