In the case of consumers equilibrium to be explained through an ordinal approach, when there are two commodities with their prices given and with limited income of the consumer, the following information is required:
a) Price line / budget line
b) Indifference map
c) Point of tangency between IC and budget line
d) Equality of the slopes of IC and budget line
Arrange the information required in the correct sequence and choose the right option from those below
1
b) → d) → a) → c)
2
b) → a) → d) → c)
3
a) → d) → b) → c)
4
a) → b) → c) → d)