by spending their limited income on goods and services, with no desire to change their current spending pattern. 1. Key Approaches to Consumer Equilibrium
A consumer is in equilibrium at the point where the Budget Line is to the Indifference Curve. Necessary Conditions: consumer equilibrium class 11 notes free
Try 2 units of Y: MU(_y)/P(_y) = 5.5. Not equal. ❌ by spending their limited income on goods and
Shows all combinations of two goods a consumer can buy with their given income and prices. consumer equilibrium class 11 notes free