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What are the conditions of consumers …

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What are the conditions of consumers equilibrium under the indifferencecurve approach what changes will take place if the conditions are not fulfilled to reach the equilibrium

Posted by Nishu Nishu 7 years, 8 months ago

CBSE > Class 12 > Economics

2 answers

Nishu Nishu 7 years, 8 months ago

Thanks master for answer

Syed Khabib 7 years, 8 months ago

Conditions of consumer equilibrium. 1.MRSxy =px/py 2.IC convex to the origin. Conditions of disequilibrium. 1MRS>px/py *This condition states that here consumer is consuming more units of commodity x than y .He continuously consume commodity x then the satisfaction obtained from the commodity or good x will decrease. This process will continue till MRSxy =px/py. 2MRS <px/py. *Here consumer is consuming more units of good y than x .He continuously consume more units of y then the satisfaction obtained from the consumption of good x will decrease. This process will continue till MRS=PX/PY.

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