Question

condition of consumers equidrilum
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Answer 1

Answer:

The state at which a consumer derives maximum utility from the consumption of one or more goods and services given his/her level of income is called consumer's equilibrium. At that level of balance between total utility and income, the marginal utility of a product is equal to its one unit price.

Answer 2

Answer:

The state at which a consumer derives maximum utility from the consumption of one or more goods and services given his/her level of income is called consumer's equilibrium. At that level of balance between total utility and income, the marginal utility of a product is equal to its one unit price.