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Explain the condition of consumer's equilibrium …

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Explain the condition of consumer's equilibrium when he consumes only on good.

Posted by Shreya Kanther 5 years, 2 months ago

CBSE > Class 11 > Economics

1 answers

Arinan Aggarwal 5 years, 2 months ago

Consumer equilibrium refers to when a consumer gets maximum satisfaction with limited money and he doesn't want to change the position and want to remain as it is. For consumer equilibrium in one good the marginal utility of the good should be equal to the amount paid i.e., Mux=Pux. If the Mux is greater than Pux than the consumer should consumer more good due to this Mux will decrease and then it will be equal to Pux.If the Mux is less than Pux than the consumer will decrease his consumption till Mux becomes equal to Pux.

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