Question

Consumer equalibrium.indifference curve.

Answer 1

it includes two properties
a ) price line should be tangent to the ic
b) ic should be convex to the origin
 

Answer 2

1. Consumer equilibrium refers to a situation, in which a consumer derives maximum satisfaction, with no intention to change it and subject to given prices and his given income.
2. The point of maximum satisfaction is achieved by studying indifference map and budget line together.
3. On an indifference map, higher indifference curve represents a higher level of satisfaction than any lower indifference curve.
4. So, a consumer always tries to remain at the highest possible indifference curve, subject to his budget constraint.

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