Question

What are two approaches to attain the state of consumer's equilibrium?

Solution

There are two alternative approaches namely 'utility analysis' approach and 'Indifference curve analysis' approach to attain the state of consumer's equilibrium.

Some More Questions From Theory Of Consumer Behaviour Chapter

When does a consumer attain equilibrium according to indifference curve approach?

Give meaning of demand.

Name two determinants of demand.

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Theory Of Consumer Behaviour

What are two approaches to attain the state of consumer's equilibrium?

Some More Questions From Theory Of Consumer Behaviour Chapter

When does a consumer attain equilibrium according to indifference curve approach?

Give meaning of demand.

Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

What is demand schedule?

Why does demand curve slope downwards?

Differentiate between substitute and complementary goods.

What is meant by one good being substitute of other?

What is meant by one good being complementary to another.

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