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Mention necessary and sufficient condition of …

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Mention necessary and sufficient condition of consumer equiliberium

Posted by Nidhi Singh 7 years, 5 months ago

CBSE > Class 12 > Economics

1 answers

S V 7 years, 5 months ago

In cardinal approach In one commodity case it occurs when marginal utility of a good is equal to marginal utility in terms of money In 2 commodity case it occurs when marginal utility per rupee spent on 1 good is equal to both the marginal utility per rupee spent on 2nd good and marginal utility per rupee expected by the consumer In it consumer behaves rationally and law of diminishing marginal utility holds good and marginal utility of money remains constant In ordinal approach it occurs when slope of IC is equal to slope of budget line and IC is convex to the origin

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