Question

Three difference between one commodity case and two commodity case?

Answer 1

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❍Consumer's Equilibrium - Single Commodity Case.

❍A consumer is said to be in equilibrium when he is maximising his satisfaction.

❍In case of single commodity the consumer is in equilibrium when marginal utility of a good in terms of money becomes equal to the price of that good.

Answer 2

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❍Consumer's Equilibrium - Single Commodity Case.

❍A consumer is said to be in equilibrium when he is maximising his satisfaction.

❍In case of single commodity the consumer is in equilibrium when marginal utility of a good in terms of money becomes equal to the price of that good.

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