What are two approaches to attain the state of consumer's equilibrium?
There are two alternative approaches namely 'utility analysis' approach and 'Indifference curve analysis' approach to attain the state of consumer's equilibrium.
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What is demand function? State a consumer's demand function.
Distinguish between 'Change in demand' and 'Change in quantity demanded of a commodity'.
Starting from an initial situation of consumer's equilibrium, suppose that marginal utility of a rupee increases. Will it increase or decrease the quantity demanded of the product?
