what is meant by consumer's equilibrium ? state its condition in case of two commodity is given by the unit approach ?
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A consumer is said to be in equilibrium in one commodity case when he gets maximum satisfaction by exhausting his total money income
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Answer and Explanation: The state at which a consumer derives maximum utility from the consumption of one or more goods and services given his/her level of income is called consumer's equilibrium.
There are two condition X and Y . They will attain equilibrium only if they allocate their given income on the purchase of X and Y in such a way that per rupee, the MU of both the products are equal and the consumer gets the maximum TU.
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