Question

What is the differnce between consumer equilibirium and consumers behaviour

Answer 1

The state of balance achieved by an end user of products that refers to the amount of goods and services they can purchase given their present level of income and the current level of prices. Consumer equilibrium allows a consumer to obtain the most satisfaction possible from their income.

Economics is concerned with consumer behavior, the behavior that people seek to acquire goods and services that will satisfy there needs and wants. Few basic assumptions: - Consumers are constrained by their income limit. ... Consumers behave rationally and efficiently in maximizing their own satisfaction.