1.

What is consumer’s equilbrium? Explain the conditions of consumer’s equilibrium assuming that the consumer consumes only two goods. OR Distinguish between an inferior good and a normal good. Explain the effect of change in income on each giving suitable examples.

Answer»

What is consumer’s equilbrium? Explain the conditions of consumer’s equilibrium assuming that the consumer consumes only two goods.

OR

Distinguish between an inferior good and a normal good. Explain the effect of change in income on each giving suitable examples.



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