Economy, asked by khushbu141204, 3 months ago

explain consumer equilibrium in case of a single commodity with the help of utility approach

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Answered by pranamyasony

Answer:

A consumer purchasing a single commodity will be at equilibrium, when he is buying such a quantity of that commodity which gives him maximum satisfaction. ... Being a rational consumer, he will be at equilibrium when marginal utility is equal to price paid for the commodity

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