consumer protection
when does consumer attain equilibrium under the utility approach
consumer equilibrium states that consumer maximise his utility with the given income and with the given price or when a consumer getting maximum satisfaction with available resources then he will be in a state of equilibrium.
Explain the consumer equilibrium with the help of indifference curve?
illustrate and explain e the consumer equilibrium ender cardinalist and ordinalist?
consumer attains equilibrium if the price of good by seller is same as price decided by buyer.
when does consumer attain equilibrium under the utility approach
consumer equilibrium states that consumer maximise his utility with the given income and with the given price or when a consumer getting maximum satisfaction with available resources then he will be in a state of equilibrium.
Explain the consumer equilibrium with the help of indifference curve?
illustrate and explain e the consumer equilibrium ender cardinalist and ordinalist?
consumer attains equilibrium if the price of good by seller is same as price decided by buyer.
types of equilibrium in consumer theory
Consumer equilibrium is the point where consumer attains highest level of satisfaction. There are two conditions of equilibrium under ordinal approach 1- Necessary Condition: 'Budget line is tangent to the highest possible indifference curve.' 2- Sufficient Condition: 'At equilibrium, Indifference curve must be convex to the origin' Thus, at equilibrium , Px/Py (absolute slope of Budget line) = dy/dx (absolute slope of Indifference Curve) (In simple words, it'd determination of consumer's equilibrium with the help of Indifference curve.)
Every physical phenomenon is an example of equilibrium; whenever there is conservation ,if you look closer, there is equilibrium. The action reaction principle is one example.
Every physical phenomenon is an example of equilibrium; whenever there is conservation ,if you look closer, there is equilibrium. The action reaction principle is one example.
As the equilibrium price of a good raises the producer surplus increases as well, and as the equilibrium price falls the producer surplus decreases accordingly.
Marginal rate of substitution
No, it is not.