Explain two necessary conditions to attain …
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Meghna Thapar 5 years, 2 months ago
A consumer is in equilibrium when given his tastes, and price of the two goods, he spends a given money income on the purchase of two goods in such a way as to get the maximum satisfaction, According to Koulsayiannis, “The consumer is in equilibrium when he maximises his utility, given his income and the market prices. Consumer Equilibrium in Case of a Two Commodity, With the Help of Utility Analysis. Suppose, a consumer consumes only two goods X and Y. He will attain equilibrium only if he allocates his given income on the purchase of good X and Y in such a way that per rupee MU of both the products is equal and he gets maximum TU.
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