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Consumer Equilibrium
To demonstrate the consumer's equilibrium i.e. the point at which the consumer maximizes utility with a given budget, we need to combine the indifference map and the budget line.
The consumer obtains maximum utility from a budget of AF by choosing the combination of X and Y represented by C, where the marginal rate of substitution is equal to the relative prices of X and Y.
diagram of production function with one varaible
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briefly explain oppurtunity cost in decision making?
the benefits of exchange in the light of the law of association, the introduction of money in direct exchange and way income gets distributed among market participants
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