Economy, asked by Alvee2257, 1 year ago

Explain the conditions of consumer equilibrium under indifference curve approach

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Answered by Anonymous

Answer:

Consumer's Equilibrium through Indifference Curve: According to indifference curve approach, a consumer attains equilibrium under two conditions: When marginal rate of substitution is equal to ratio of prices of two goods i.e., MRSxy = Px/Py.

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