3. Using Figure 4, explain why the point of tangency of the budget line with an indifference...
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3. Using Figure 4, explain why the point of tangency of the budget line with an indifference curve is the consumer’s equilibrium position. Explain why any point where the budget line intersects an indifference curve is not equilibrium. Explain: “The consumer is in equilibrium where MRS = PB/PA.” LO7.6
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Related Book For 
Microeconomics Principles, Problems, And Policies
ISBN: 9781259915727
21st Edition
Authors: Campbell McConnell
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