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Consumer equilibrium using IC Analysis

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Consumer equilibrium using IC Analysis

Posted by Pulkit Batth 5 years, 10 months ago

CBSE > Class 11 > Economics

1 answers

Rohit Aggarwal 5 years, 10 months ago

Consumer Equilibrium-consumer equilibrium refers to a situation when a consumer having maximum satisfaction with his limited income and has no tendency to change his way of existing expenditure Assumptions- 1)both goods are substituted goods 2)consumer income and price of commodity are given 3)consumer will be rational 4)law of DMU will be held 5)utility will be measured in order Condition- 1)MRSxy=Px÷Py Slope of IC=Slope of budget line 2)Ic is convex at equilibrium

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