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State the condition of consumer's equilibrium.

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State the condition of consumer's equilibrium.

Posted by Simar Preet 6 years, 5 months ago

CBSE > Class 11 > Economics

1 answers

Sia ? 6 years, 5 months ago

The consumer will be in equilibrium in case of single commodity when following condition is satisfied:

{tex}\frac { \mathrm { MUx } } { \mathrm { Px } }{/tex} = MU_m
Where, MU_x= Marginal utility of good X
Px = Price of good X
MU_m= Marginal utility of money
Law of Diminishing Marginal utility (means consumption increases the marginal utility derived from each additional unit declines) must prevail.

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