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  • 11-06-2021
  • Business
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how do you derive consumer equilibrium is the cardinal utility approach​

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VevaTaamneh
VevaTaamneh VevaTaamneh
  • 11-06-2021

Answer:

According to utility analysis, the consumer will be in equilibrium when he is spending money on goods in such a way that the marginal utility of each good is proportional to its price. Let us assume that, in his equilibrium position, consumer is buying q1 quantity of a good X at a price P1.

Explanation:

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