Question

what is consumer equilibrium with some examples​

Answer 1

Answer:

⭑To illustrate how the consumer equilibrium condition determines the quantity of goods 1 and 2 that the consumer demands, suppose that the price of good 1 is $2 per unit and the price of good 2 is $1 per unit. Suppose also that the consumer has a budget of $5.

Explanation:

Answer 2

Answer:

• Consumer's Equilibrium refers to a situation where a consumer gets maximum satisfaction out of his given money income and given market price.
• For example, the consumer receives 24 utils from consuming the first unit of good 1, and the price of good 1 is $2. Hence, the ratio of the marginal utility of the first unit of good 1 to the price of good 1 is 12. ... The consumer's equilibrium choice is to purchase 2 units of good 1 and 1 unit of good 2.