Describe the law of equi-marginal utility. Explain it with the help of

Question

Describe the law of equi-marginal utility. Explain it with the help of a diagram. How does a consumer attain equilibrium?

23 Jan 2022

Answer :

Word Count : 470

Suppose our imaginary consumer is consuming two commodities such as apple and grapes. He has only seven rupees income at his disposal.

He will try to spend it in such a way that he will get maximum satisfactions. Suppose one kilogram of apples and grapes is equal to one rupee each in the market.

If he spends seven rupees on apple he can buy 7 kilograms of it and will get 175 units of satisfaction. Similarly, if he ____ ______ ________ _________ __________.
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