Question

Explain consumer equilibrium according to ordinal approach using a diagram

Answer 1

Consumer equilibrium according to ordinal approach states that a consumer reach its equilibrium and tends to increase their utility for the income level for the prices of goods and services.

Now the question lies that how we will know that the consumer reaches its equilibrium.

For that you need to know four points that is about indifference curve ,indifference map, marginal rate of substitution and the budget line.

Answer 2

Hey...Here it is..........................