suppose earlier consumer was at equilibrium at price rupees 3 and now

1.	suppose earlier consumer was at equilibrium at price rupees 3 and now if the price of the commodity rises where will be the consumer equilibrium be determined explain with the help of schedule and diagram
Answer» When a consumer is purchasing one commodity , he STOPS BUYING when its PRICE and utility have been equated. Meaning the marginal utility is equal to the price. At this point, his total utility is the maximum. Equilibrium is a point where the QUANTITY demanded is equal ti the quantity SUPPLIED with the constant price.

suppose earlier consumer was at equilibrium at price rupees 3 and now if the price of the commodity rises where will be the consumer equilibrium be determined explain with the help of schedule and diagram

Answer»

When a consumer is purchasing one commodity , he STOPS BUYING when its PRICE and utility have been equated. Meaning the marginal utility is equal to the price. At this point, his total utility is the maximum. Equilibrium is a point where the QUANTITY demanded is equal ti the quantity SUPPLIED with the constant price.

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suppose earlier consumer was at equilibrium at price rupees 3 and now if the price of the commodity rises where will be the consumer equilibrium be determined explain with the help of schedule and diagram​

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suppose earlier consumer was at equilibrium at price rupees 3 and now if the price of the commodity rises where will be the consumer equilibrium be determined explain with the help of schedule and diagram