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Why should consumers equilibrium point be …

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Why should consumers equilibrium point be located on the budget line ? Plz reply.......

Posted by Bhavini Pathak 7 years, 6 months ago

CBSE > Class 12 > Economics

2 answers

Shivangi Goel 7 years, 6 months ago

I hope it will help you...

Shivangi Goel 7 years, 6 months ago

The condition of equilibirum is MRSxy= Px / Py.....in this price ratio stands for slope of budget line and MRS stands for slope of IC .... Thus, consumers eq..should be on budget line becz the rate at which consumer is willing to subsitute good x for good y must be coincide with the rate at which market allows the consumer for subsitution...

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