What you’ll learn to do: find consumer equilibrium using indifference curves and a budget constraint
Although numbers can be used to illustrate consumer preferences, economists don’t believe that we can objectively measure someone’s utility. In this section, you’ll learn an alternative way of identifying consumer equilibrium that only requires that you can rank preferences—that is, you can say whether you prefer Option A to Option B.
- Introduction to Indifference Curves. Authored by: Steven Greenlaw and Lumen Learning. Provided by: Lumen Learning. License: CC BY: Attribution
- budget, calculator, coins. Authored by: stevepb . Provided by: Pixabay. Located at: https://pixabay.com/en/savings-budget-investment-money-2789112/. License: CC0: No Rights Reserved