discuss the various assumptions of consumer's equilibrium under utility analysis
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The indifference curve analysis of consumer's equilibrium is based on the following assumptions: (1) The consumer's indifference map for the two goods X and Y is based on his scale of preferences for them which does not change at all in this analysis. (2) His money income is given and constant.
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Its Assumptions:
The indifference curve analysis of consumer's equilibrium is based on the following assumptions: (1) The consumer's indifference map for the two goods X and Y is based on his scale of preferences for them which does not change at all in this analysis. (2) His money income is given and constant.
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