Hoe does a consumer attain equilibrium in case of single commodity
Answers
Answer:
In case of consumer equilibrium under single commodity, we assumed that the entire income was spent on a single commodity. Now, consumer wants to allocate his money income between the two goods to attain the equilibrium position.
Explanation:
A consumer is a person or organization that uses economic services or commodities.A consumer is a person or organization that uses economic services or commodities.A consumer is one that buys good for consumption and not for the resale and commercial purpose. The consumer is an individual who pays some amount of money or the thing required to consume goods and services produced. As such, consumers play a vital role in the economic system of a nation. Without consumer demand, producers would lack one of the key motivations to produce: to sell to consumers. The consumer also forms part of the chain of distribution. Recently in marketing instead of marketers.The law primarily uses a notion of the consumer in relation to consumer protection laws, and the definition of consumer is often restricted to living persons and excludes commercial users. A typical legal rationale for protecting the consumer is based on the notion of policing market failures and inefficiencies, such as inequalities of bargaining power between a consumer and a business. As all potential voters are also consumers, consumer protection has a clear political significance. Concern ov
Answer:
In case of one commodity consumer attain equilibrium when Marginal Utility is equal to price.