Question

7. Explain the conditions of
consumers equilibrium using
cardinal approach theory of
utility analysis.​

Answer 1

Answer:

The Cardinal approach to Consumer Equilibrium posits that the consumer reaches his equilibrium when he derives the maximum satisfaction for given resources (money) and other conditions. ... Therefore, the consumer is said to be in equilibrium.

Answer 2

Answer:

Definition: The Cardinal approach to Consumer Equilibrium posits that the consumer reaches his equilibrium when he derives the maximum satisfaction for given resources (money) and other conditions. ... Therefore, the consumer is said to be in equilibrium.