class 12 economics Consumer's equilibrium
Consumer's equilibrium ..........short and easy notes for board exam. 1. What do mean by consumer's equilibrium? >Consumer's equilibrium is the process in which consumer choose or select those goods from which he can attain maximum satisfaction with his limited resources. A consumer is said to be in equilibrium still he does not change his method of Expenditure in present condition. 2. What do you mean by utility? what are its characteristics? > want satisfying power of a commodity is called utility. Following are its characteristics; It is a psychological phenomenon. It not affected by moral duty. It is related to expected satisfaction of the human. It differ from man to man, place to place and time to time. 3. What do you mean by marginal utility? > increase in total utility by consuming one additional unit of a commodity is called marginal ut...