Consumer Equilibrium in a Competitive Market Homework Help Explains Importance of This Topic
Consumer, demand and supply, these are the 3 aspects that balance competitive equilibrium. But when it related to your consumer equilibrium assignment, you fail to strike a balance. Inmost cases, this happens because you dedicate more time on searching the relevant topic details and are left with less assignment execution time.
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Defining consumer equilibrium
Consumer equilibrium is a specific situation where one customer utilizes his or her income in whole to buy a service or an item. This purchase is calculated in a particular manner. It relates that when consumer satisfaction is higher, a customer does not find it important to change that particular product or service and switch to another.One of the main objectives, in this case, is to attain total utility at its maximum level.
Various conditions associated with it
- On the basis of scale of preference is the map of indifference drawn. When analysis is made on it, this map shows constancy.
- Marginal utility related to money is seen as constant
- A consumer’s income, in this case, is considered unchanging
What are its assumptions?
Amongst the various assumptions, 2 are of prime importance. The first one includes the slope of indifference curve which at equilibrium point should be convex. Its calculation should be taken from the point of origin.
The other factor includes the fact that there should be tangency between budget line and indifference curve.
There are more assumptions that you can read in consumer equilibrium in a competitive market assignment help manual.
What are the types of utilities?
There are mainly2utilitiesthat you will come to know via our consumer equilibrium in a competitive market homework help manual. Here is a summarized version of utility types.
The2 utility types include marginal utility and total utility. In case of marginal utility, it expresses addition of its utility with that of total utility. This outcome is taken from goods consumption of individual unit or more than that.
In case of total utility, it can be expressed as a totality with respect to customer satisfaction. This level is achieved after consumption of commodity units of a certain number.
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