What is the general condition of consumer's equilibrium with respect to any given commodity?
Dear Student,
The general condition of consumer's equilibrium with respect to any given commodity is:
The consumer in consumption of a single commodity (say, x) will be at equilibrium when marginal utility of that commodity (MUx) is equal to Price paid for that commodity(Px).
Regards
The general condition of consumer's equilibrium with respect to any given commodity is:
The consumer in consumption of a single commodity (say, x) will be at equilibrium when marginal utility of that commodity (MUx) is equal to Price paid for that commodity(Px).
Regards