Total satisfaction derived from consuming a specific quantity of a commodity.
This is the by Hicks and Allen. No numbers; only preferences. consumer equilibrium class 11 notes free
States that as more and more units of a commodity are consumed, the marginal utility derived from each successive unit decreases. 2. Relationship Between TU and MU consumer equilibrium class 11 notes free
When a consumer buys two goods (X and Y), equilibrium occurs when: consumer equilibrium class 11 notes free
A curve showing various combinations of two goods that give the consumer equal satisfaction.
Try : MU(_x)/P(_x) = 8. Spend = 3×2 = ₹6.