Explain the condition of consumer's equilibrium in case of two commodity using utility approach. OR Explain consumer's equilibrium with the help of IC approach.
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Consumer Equilibrium in Case of a Two Commodity, With the Help of Utility Analysis. Suppose, a consumer consumes only two goods X and Y. He will attain equilibrium only if he allocates his given income on the purchase of good X and Y in such a way that per rupee MU of both the products is equal and he gets maximum TU
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