Write down the conditions required for the consumer’s equilibrium according to the ordinal utility approach.- Microeconomics | Management Notes

Write down the conditions required for the consumer’s equilibrium according to the ordinal utility approach.
Cardinal Utility Approach | Microeconomics
Management Notes

Ans) The conditions required for the consumer’s equilibrium according to the ordinal utility approach are as follows:

  • Price line must be tangent to the indifference curve.
  • Indifference curve should be convex to the origin.

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