Explanation Consumer equilibrium using ic approach
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Yogita Ingle 6 years, 11 months ago
Consumer's Equilibrium through Indifference Curve:
According to indifference curve approach, a consumer attains equilibrium under two conditions:
Let the two goods be x and y as shown in the following Fig. E is the tangency point of budget line on indifference curve IC2 . For this two basic tools — Indifference Map (i.e., set of indifference curves representing scale of preferences) and Budget Line (representing money income and prices of two goods) are required.
2Thank You