Question

How does the consumer reach equilibrium in buying the goods?

Answer 1

Answer: A consumer is said to be in equilibrium when he feels that he “cannot change his condition either by earning more or by spending more or by changing the quantities of thing he buys”. A rational consumer will purchase a commodity up to the point where price of the commodity is equal to the marginal utility obtained from the thing.

Answer 2

Answer:

A consumer will be in equilibrium when he/she gets maximum amount of satisfaction of the consumer.

It is constrained by its

• Limited income and fixed price.
• the prices of commodities he/she buys.

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