Consumer equilibrium: CONSUMER'S EQUILIBRIUM We buy

CONSUMER'S EQUILIBRIUM We buy many goods and services to satisfy our wants. Using up of goods and services to satisfy wants is called consumption and the economic agent who buys goods and services is called a consumer. When a consumer buys any good or service, his/her main objective is to get maximum satisfaction from the quantity of the commodities purchased by spending his/her income at the given market price. How does a consumer maximize his/her satisfaction from spending his/her income ... Consumer Equilibrium refers to a situation where the consumer has achieved the maximum possible satisfaction from the quantity of the commodities purchased given his/her income and prices of the commodities in the market. Learn what consumer's equilibrium is and how to graph it with the help of marginal utility and price curves. Understand the laws of equal marginal utility per rupee and substitution that help consumers maximize their satisfaction. Consumer Equilibrium The state of balance obtained by an end-user of products refers to the number of goods and services they can buy, given their existing level of income and the prevailing level of cost prices. Consumer equilibrium permits a customer to get the most satisfaction possible from their income. Related link: Theory Of Consumer ...