Economics · Consumer Equilibrium
Which of the following are necessary conditions for consumer equilibrium under Ordinal Utility Analysis? 1. Marginal rate of substitution (MRSX,Y) equals the price ratio (PX/PY). 2. MUX = PX. 3. Indifference curves must be strictly convex to the origin at the equilibrium point. 4. MUX/PX = MUY/PY.
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