Q 8.IC analysis of consumer's equilibrium is based on1. cardinal utili

1.	Q 8.IC analysis of consumer's equilibrium is based on1. cardinal utility 2. ordinal utility 3. both aand b 4. none of these2لاAnswer: 14
Answer» Explanation: Thus the CONSUMER's equilibrium under the indifference curve theory must MEET the following TWO conditions: First: A given price line should be tangent to an indifference curve or MARGINAL rate of satisfaction of good X for good Y (MRSxy) must be equal to the price ratio of the two goods. i.e.

Q 8.IC analysis of consumer's equilibrium is based on1. cardinal utility 2. ordinal utility 3. both aand b 4. none of these2لاAnswer: 14

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Explanation:

Thus the CONSUMER's equilibrium under the indifference curve theory must MEET the following TWO conditions: First: A given price line should be tangent to an indifference curve or MARGINAL rate of satisfaction of good X for good Y (MRSxy) must be equal to the price ratio of the two goods. i.e.

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Q 8.IC analysis of consumer's equilibrium is based on1. cardinal utility 2. ordinal utility 3. both aand b 4. none of these2لاAnswer: 14​

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Q 8.IC analysis of consumer's equilibrium is based on1. cardinal utility 2. ordinal utility 3. both aand b 4. none of these2لاAnswer: 14