This law states that as a consumer consumes more and more units of a commodity, the marginal utility derived from each successive unit goes on declining. This is a fundamental assumption for reaching equilibrium. 3. Equilibrium in Single Commodity Case
Comprehensive Notes on Consumer Equilibrium: Class 11 Microeconomics consumer equilibrium class 11 notes free
The consumer will distribute their income between X and Y such that the last rupee spent on each good yields equal Marginal Utility. This law states that as a consumer consumes
A consumer consumes only two goods X and Y. The price of X is ₹5 per unit and the price of Y is ₹10 per unit. The consumer’s income is ₹100. The Marginal Utility schedule is as follows: consumer equilibrium class 11 notes free