indifference curve meaning assumptions properties indifference map class 11 microeconomics

Consumer equilibrium, in this course understand how consumers make optimal choices to maximize satisfaction within their budget. In this course, we will learn about the concept of consumer equilibrium, which describes the point at which a consumer allocates income in a way that provides the highest possible utility without exceeding their budget. We will explore two main approaches: the cardinal utility approach, where equilibrium occurs when the marginal utility per unit of currency is equal across all goods, and the ordinal utility approach, using indifference curves and budget lines to analyze choices. You’ll also study the effects of changes in income and prices on equilibrium, including income and substitution effects. With diagrams, practical examples, and exercises, this course builds a strong foundation for students of economics, helping them understand consumer behavior and demand patterns. Join now to master the principles of rational consumer decision-making. Commerce lectures