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How to explain consumers equilibrium with …

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How to explain consumers equilibrium with budget line and indifference curve

    • Posted by Vandana Shankar 7 years, 6 months ago

    CBSE > Class 12 > Economics
    • 2 answers

    Shivangi Goel 7 years, 6 months ago

    Explaination will be.... The rate at which consumer is willing to subsitute a good must be coincide with the rate at which market allows to subsitute.... See the diagram frm ur book

    3Thank You

    Shivangi Goel 7 years, 6 months ago

    Both of these are equilibrium condition... In this, MRSxy = Px/Py and IC is convex to origin......so u should explain these situation with the help of diagriam...on that slpoe of IC (MRS)should be coincide with slope of budget line (px/py)....

    3Thank You

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