Question
A consumer's optimal bundle is located at the point of
tangency between the budget line and ________.Solution
The optimum bundle of the consumer is located at the point where the budget line is tangent to one of the indifference curves. The indifference curve is a geometrical device developed by J.R. Hicks and R.G.D. Allen in the article “A Reconsideration of the Theory of Value”.
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