Question

necessary and sufficient conditions

of consumer equilibrium​

Answer 1

Answer:

Thus for equilibrium to be stable at any point on an indifference curve, the marginal rate of substitution between any two goods must be diminishing and be equal to their price ratio i.e. MRS' = Px/Py Therefore, the indifference curve must be convex to the origin at the point of tangency with the budget line.

Explanation:

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