Consumer Equilibrium – Marginal Utility and Indifference Curve Analysis

NCERT economics class 12 : Conditions of consumer’s equilibrium using marginal utility analysis and Indifference curve analysis of consumer’s equilibrium

Consumer Equilibrium can be explained in two ways

1. Consumer Equilibrium in case of single commodity

“Consumer equilibrium is the state of consumer’s demand which he thinks to be the best and which he does not want to alter” Prof Marshall

Law of consumer equilibrium is applied only when marginal utility and price of goods are same. It is based on two factors

Each consumer obtains maximum satisfaction by consumption of goods and service.
Level of income is fixed at the given point of time.

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