Explain the consumer equilibrium point by using Indifference Curve Approach and the Budget Line. What is the necessary condition for the consumer equilibrium? Explain why the consumer is not in equilibrium if this condition does not fulfill.
Explain the consumer equilibrium point by using Indifference Curve Approach and the Budget Line. What is the necessary condition for the consumer equilibrium? Explain why the consumer is not in equilibrium if this condition does not fulfill.
Chapter6: Consumer Choice Theory
Section6.A: Indifference Curve Analysis
Problem 9SQ
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Explain the consumer equilibrium point by using Indifference Curve Approach and the Budget Line. What is the necessary condition for the consumer equilibrium? Explain why the consumer is not in equilibrium if this condition does not fulfill.
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