Economy, asked by ravik46693, 4 months ago

Explain consumers equilibrium with utility approach in case of single good.

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Answered by divyasrithiruselvam
1

Answer:

Explain consumers equilibrium, in case of Single commodity, with the help of utility schedule. To determine the equilibrium point, consumer compare the price of the given commodity with its utility. ... Being a rational consumer, he will be at equilibrium when marginal utility is equal to price paid for the commodity.

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