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What is Ordinal Utility and Consumer Equilibrium about?

Ordinal utility theory holds that consumers rank bundles of goods based on satisfaction rather than measuring utility with numbers. Consumers express preferences through ordinal rankings like first and second. Indifference curves represent bundles that provide equal satisfaction. They have specific properties like being convex and having a negative slope. Consumer equilibrium occurs where the budget line is tangent to the highest indifference curve, maximizing satisfaction given prices and income.

Author

Stephan Mpundu (T4 enick)

Language

EN