Consumer equilibrium: CONSUMER'S EQUILIBRIUM We buy

CONSUMER'S EQUILIBRIUM We buy many goods and services to satisfy our wants. Using up of goods and services to satisfy wants is called consumption and the economic agent who buys goods and services is called a consumer. When a consumer buys any good or service, his/her main objective is to get maximum satisfaction from the quantity of the commodities purchased by spending his/her income at the given market price. How does a consumer maximize his/her satisfaction from spending his/her income ... The term equilibrium is used frequently in economic analysis. It is a state of rest or a position of no change, which under a situation provides the maximum gain. A consumer is said to be in equilibrium when he has derived maximum satisfaction and does not want to change his consumption level. Hence, Consumer’s Equilibrium is a situation in which a consumer has maximum satisfaction with limited income and does not tend to change his existing way of expenditure. The point of equilibrium or ... Hence, Consumer's Equilibrium is a situation in which a consumer has maximum satisfaction with limited income and does not tend to change his existing way of expenditure. As a consumer has to pay for each unit of commodity, he cannot purchase or consume unlimited quantities. Consumer Equilibrium The state of balance obtained by an end-user of products refers to the number of goods and services they can buy, given their existing level of income and the prevailing level of cost prices. Consumer equilibrium permits a customer to get the most satisfaction possible from their income. Related link: Theory Of Consumer ...