What is consumer equilibrium explain with …
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Meghna Thapar 5 years, 1 month ago
Consumer's equilibrium is a situation when he spends his given income on the purchase of one or more commodities in such a way that he gets maximum satisfaction and has no urge to change this level of consumption, given the prices of commodities. (B) Condition Of Consumer Equilibrium In Case Of Single Commodity. A consumer is said to be in equilibrium when he maximizes his satisfaction, given his money income and prices of two commodity. He attains equilibrium at that point where the slope of IC is equal to the slope of budget line.
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