Question

What do you understand by consumer’s equilibrium? Show consumer’s equilibrium with the help of indifference curve analysis.​

Answer 1

Explanation:

Consumer equilibrium refers to a situation, in which a consumer derives maximum satisfaction, with no intention to change it and subject to given prices and his given income. ... So, a consumer always tries to remain at the highest possible indifference curve, subject to his budget constraint.

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Answer 2

Answer:

Consumer equilibrium refers to a situation, in which a consumer derives maximum satisfaction, with no intention to change it and subject to given prices and his given income. The point of maximum satisfaction is achieved by studying indifference map and budget line together.