Consumer equilibrium using utility approach
CBSE, JEE, NEET, CUET
Question Bank, Mock Tests, Exam Papers
NCERT Solutions, Sample Papers, Notes, Videos
Posted by Ajaz Hussain 5 years, 3 months ago
- 1 answers
Test
Related Questions
Posted by Vivek Saroj 1 year, 4 months ago
- 0 answers
Posted by Charvi Charvi 1 year, 4 months ago
- 0 answers
Posted by Shiv Narayan Kumar 1 year, 4 months ago
- 1 answers
Posted by Mahi Bansal 1 year, 4 months ago
- 0 answers
myCBSEguide
Trusted by 1 Crore+ Students
Test Generator
Create papers online. It's FREE.
CUET Mock Tests
75,000+ questions to practice only on myCBSEguide app
Meghna Thapar 5 years, 1 month ago
When consumers make choices about the quantity of goods and services to consume, it is presumed that their objective is to maximize total utility. In maximizing total utility, the consumer faces a number of constraints, the most important of which are the consumer's income and the prices of the goods and services that the consumer wishes to consume. The consumer's effort to maximize total utility, subject to these constraints, is referred to as the consumer's problem. The solution to the consumer's problem, which entails decisions about how much the consumer will consume of a number of goods and services, is referred to as consumer equilibrium.
0Thank You