Consumer Equilibrium Class: 11 Notes Free !!top!!

A consumer is said to be in equilibrium when they maximize their total utility (satisfaction) given their income and the prices of goods. At this point, the consumer has no desire to change their spending pattern.

: Equilibrium is reached when the ratio of MU to price is equal for all goods: consumer equilibrium class 11 notes free

The IC must be convex to the origin at the point of equilibrium. 3. Key Terms for Exams A consumer is said to be in equilibrium