1. Consumer’s equilibrium 2. What is Utility and its concepts? • Satisfying power of a commodity Total utility • Sum total of utilities derived from consumption of…
1. INDIFFERENCE CURVES AND UTILITY MAXIMIZATION Indifference curve– A curve that shows combinations of goodswhich gives the same level of satisfaction to the consumers…
Slide 1 INDIFFERENCE CURVES AND UTILITY MAXIMIZATION Indifference curve – A curve that shows combinations of goods which gives the same level of satisfaction to the consumers…