Question

What are the assumptions related to Consumer’s Equilibrium? Explain any 4.​

Answer 1

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• The consumer’s indifference map for the two goods X and Y is based on his scale of preferences for them which does not change at all in this analysis.

• His money income is given and constant. It is Rs. 10 which he spends on the two goods in question.

• Prices of the two goods X and Y are also given and constant. X is priced at Rs. 2 per unit and Y at Rs. 1 per unit.

• The goods X and Y are homogeneous and divisible.

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Answer 2

Answer:

The indifference curve analysis of consumer's equilibrium is based on the following assumptions: (1) The consumer's indifference map for the two goods X and Y is based on his scale of preferences for them which does not change at all in this analysis. (2) His money income is given and constant.

Explanation:

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