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Explain consumer's equilibrium, in case ...

Explain consumer's equilibrium, in case of a single commodity, with the help of utility schedule.
OR
Explain conditions determing how many units of a good consumer will buy at a given price.

Answer

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Explain consumer's equilibrium in case of a single commodity with the help of a utility schedule.

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Knowledge Check

  • Given total utility schedule of a good, how many units of tha good the consumer will buy if the price per unit is rupees 4 .

    A
    1 unit
    B
    2 units
    C
    3 units
    D
    0 unit

  • In case of single commodity, consumer's equilibrium is achieved when:

    A
    `MU_(X) gt P_(X)`
    B
    `MU_(X) lt P_(X)`
    C
    `MU_(X) != P_(X)`
    D
    `MU_(X) = P_(X)`

    • Similar Questions

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    How does a consumer reach equilibrium position when he is buying only one commodity ? Explain with the help of utility schedule. OR Given the market price of good, how does a consumer decided as to how many units of that goods to buy ? Explain OR Explain conditions determining how many units of a good consumer will buy at a given price.

    What is consumer's equilibrium ? State its condition in case of a single commodity

    State the conditions of consumer's equilibrium in case of two commodities

    Explain the conditions of consumer's equilibrium in case of (i) single commodity and (ii) two commodities. Use utility approach.

    Explain the condition of consumer's equilibrium with the help of utility analysis.

    How is equilibrium price of a commodity determined? Explain with the help of a demand and supply schedule

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