CONSUMER EQUILIBRIUM (PART-4)

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CH:-CONSUMER EQUILIBRIUM(PART-4)
Contains about what is budget line and consumers equilibrium through indifference curve approach.

****IMPORTANT QUESTIONS FROM CONSUMER EQUILIBRIUM CHAPTER****
Q.1) How is marginal utility derived from total utility?
Q.2) When total utility is maximum, how much is the marginal utility?
Q.3)State the law of diminishing marginal utility?
Q.4)What is the difference between cardinal and ordinal measurement of utility?
Q.5)State all the properties of indifference curve?
Q.6)What is meant by by budget line? Explain its various properties.
Q.7) Explain the relationship between total utility and marginal utility with the help of diagram.
Q.8) What is marginal rate of substitution ? How does it affect the shape of indifference curve?
Q.9)Using utility approach, discuss how a consumer attains equilibrium?
Q.10) Why does the consumer choose a point where the indifference curve is tangent to the budget line?


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