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. Condition of Consumer's Equilibrium.
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Explanation:
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. Condition of Consumer's Equilibrium.
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