Questions and Answers
In consumer equilibrium, what relationship should hold between the marginal utility of the commodity and its price?
MUx (in ₹) = Px (in ₹)
What is the condition for consumer equilibrium in case of a single commodity?
Marginal utility of the commodity equals its price in rupees
What is the significance of MU of Money (₹) in consumer equilibrium?
It represents the marginal utility of money in terms of rupees
