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A consumer consume only 2 goods ,each price rupees 1 per unit . If the consumer chooses a combination of 2 goods with MRS equal to 2 ,is the consumer is in equilibrium ?give reason ,explain what rational consumer do........ Answer fast tomorrow is my exam...plzzzzz

Posted by Kanishka Raturi 5 years, 1 month ago

CBSE > Class 11 > Economics

1 answers

Sumit Garg 5 years, 1 month ago

No, in the given statement the consumer is not in the equilibrium because the required situation for consumer equilibrium is MRSab = Pa/Pb . In the given question MRS is greater then the ratios of their respective prices. The to attain equilibrium , the conumer will go on sacrificing more unit of second to get additional unit of first unit . After some time this will lead to mariginal unity . Hence the consumer will be in an equilibrium.

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