Question

Explain consumer equillibrium according to ordinal approach using a diagram plzzz ans fast

Answer 1

Consumer equilibrium according to ordinal approach states that a consumer reach its quilibrium 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. The four points are:-

• Indifference curve
• Indifference map
• Marginal rate of substitution
• Budget line

Answer 2

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