does partial equilibrium means less satisfaction
Dear student,
Partial equilibrium is a condition of economic equilibrium which takes into consideration only a part of the market, ceteris paribus, to attain equilibrium.
With the application of partial equilibrium analysis, consumer’s equilibrium is indicated when he is getting maximum aggregate satisfaction from a given expenditure and in a given set of conditions relating to price and supply of the commodity.
It does not mean less satisfaction.
Regards
Partial equilibrium is a condition of economic equilibrium which takes into consideration only a part of the market, ceteris paribus, to attain equilibrium.
With the application of partial equilibrium analysis, consumer’s equilibrium is indicated when he is getting maximum aggregate satisfaction from a given expenditure and in a given set of conditions relating to price and supply of the commodity.
It does not mean less satisfaction.
Regards