explain the conditions of consumer's equilibrium with the help of marginal utility analysis
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The Law of Diminishing marginal utility can be used to explain consumer's equilibrium in case of a single commodity. 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.
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The Law of Diminishing marginal utility can be used to explain consumer's equilibrium in case of a single commodity. 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.
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