Question

If IC is not convex at the point of equilibrium, the consumer cannot reach the point of stable equilibrium. Comment​

Answer 1

Answer:

True, If IC is not convex at the point of equilibrium the consumer cannot reach the point of stable equilibrium, in case IC is concave it pretend that marginal utility continue to rise

Answer 2

Explanation:

If IC is not convex at the point of equilibrium , the consumer cannot reach the point of stable equilibrium . (Q2) It is because of monotonic preference of the consumer that IC slopes downward . ... (Q9) An indifference curve is convex to the origin because of the law of equi-marginal utility.