Question

assumption of consumer equilibrium in detail​

Answer 1

Answer:

Consumer's equilibrium is based on the assumption that the income of a consumer is constant and that he spends his entire income on purchasing two goods whose prices are given. ... The consumer can purchase combinations C or D but these will not yield him maximum satisfaction as they lie on lower indifference curve.

Answer 2

Besides, we shall make the following assumptions to explain the equilibrium of the consumer: (1) The consumer has a given indifference map exhibiting his scale of preferences for various combinations of two goods, X and Y. (2) He has a fixed amount of money to spend on the two goods.

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