Question

explain the conditions of consumer equilibrium in case of single commodity​

Answer 1

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.

Explanation:

Answer 2

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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.

There are three conditions for consumer's equilibrium:

(1) The Budget line should be Tangent to the Indifference Curve.

(2) At the point of Equilibrium the Slope of the Indifference Curve and of the Budget Line should be the same.

(3) Indifference curve should be Convex to the Origin.