Each consumer has to face the problem of multiplicity of wanst and limited income. In such state of affairs it is the desite of eash consumer to maximize his satisfation in the presence of income constraint. Whenever a consumer maximizes his satisfaction, he is satisfied with his spending pattern, dows not ahve any tendency to change his style of expenditures, he is said to be in equilibrium in economic literature. to describe consumer's equilibrium we have basically tow main approaches:
(1) T...
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