A consumer is purchasing Good X and Good Y. Price of Good X is 8 per unit and price of Good Y is 10 per unit . MRSxy = 2 . Is the consumer in equilibrium? If not, so how will he reach his equilibrium point?
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Law of diminishing marginal utility states that as consumption increases the marginal utility declines. A consumer will purchase more of good X when marginal utility derived from the consumption of good X is greater than the marginal utility derived from the consumption of good Y.
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sorry dear this time I m not in INDIA .
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