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Author Question: Explain the concept of consumer equilibrium. What will be an ideal ... (Read 14 times)

s.tung

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on: Jun 29, 2018
Explain the concept of consumer equilibrium.
 
  What will be an ideal response?

Question 2

Consider the budget line in the above figure. If the price of a magazine is 4, then the price of a hamburger is
 
  A) 1.75.
  B) 3.00.
  C) 4.00.
  D) 5.33.


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Kaytorgator

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A consumer equilibrium is a situation in which a consumer has allocated all his or her available income in the way that, given the prices of goods and services, the combination of goods and services maximizes the consumer's total utility.

Answer to Question 2

B


s.tung

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Reply #2 on: Jun 29, 2018
Thank you


Kaytorgator

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Reply #3 on: Jun 29, 2018
No problemo


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