Question

How does a consumer reach equilibrium position when he is buying only one commodity? explain with the help of mu schedule?

Answer 1

Consumers equilibrium is the equilibrium is when the consumer gets maximum satisfaction for the number of units he purchased and the amount of satisfaction he received form it.

The consumer gets satisfaction when there is only one commodity. The cases when this happens is when the cardinal measurement of utility is done and when the price of the commodity and the income of the consumer is constant.