Consumer Equilibrium Class 11 Notes ((better)) -

An indifference curve represents a set of combinations of two goods that provide the same level of satisfaction to a consumer.

Consumer Equilibrium refers to a situation where a consumer spends their given income on one or more goods in such a way that they get and have no urge to change their level of consumption, given the prices of goods. 2. Fundamental Concepts consumer equilibrium class 11 notes

Consumer equilibrium is a situation where a consumer is maximizing their satisfaction or utility from consuming a particular good or service, given their income and the prices of the goods and services available. An indifference curve represents a set of combinations

where $P_1$ and $P_2$ are prices of goods 1 and 2, $Q_1$ and $Q_2$ are quantities of goods 1 and 2, and $M$ is the consumer's income. and $M$ is the consumer's income.