Consumer Equilibrium When consumers make choices about the quantity of goods and

Question

Consumer Equilibrium When consumers make choices about the quantity of goods and services to consume, it is presumed that their objective is to maximize total utility. In maximizing total utility, the consumer faces a number of constraints, the most important of which are the consumer's income and the prices of the goods and services that the consumer wishes to consume. The consumer's effort to maximize total utility, subject to these constraints, is referred to as the consumer's problem. The solution to the consumer's problem, which entails decisions about how much the consumer will consume of a number of goods and services, is referred to as consumer eauilibrium

Explanation / Answer

Consumer's behavior is based on utility maximization which is subject to certain constraint.Consumer continues consumption until total utility is maximized.

Question-What are the ways in which a consumer can maximize his utility?

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