Consumer Equilibrium Class 11 Notes Free Free

: The IC must be convex to the origin at the point of tangency. Free Resources for Study

MUXPX=MUYPY=MUMthe fraction with numerator MU sub cap X and denominator P sub cap X end-fraction equals the fraction with numerator MU sub cap Y and denominator P sub cap Y end-fraction equals MU sub cap M consumer equilibrium class 11 notes free

Proposed by J.R. Hicks and R.G.D. Allen, this approach claims utility cannot be measured numerically but can be ranked or ordered (first, second, third preference). What is an Indifference Curve (IC)? : The IC must be convex to the

Try : MU(_y)/P(_y) = 5. Not equal. ❌

Meaning: The rate at which you are willing to give up Y for X should equal the rate at which the market asks you to give up Y for X. Allen, this approach claims utility cannot be measured

The relationship between Total Utility and Marginal Utility is vital for exam diagrams: