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Consumer equilibrium requires that: 1) The consumer should be at the point of tangency between the budget line and the indifference curve, maximizing utility given prices and income. 2) At this point of tangency, the marginal rate of substitution between goods (the slope of the indifference curve) should equal the price ratio (the slope of the budget line). 3) This point represents the optimal combination of goods that maximizes the consumer

Author

Luke Madzikoto

Language

EN