Give the Formulas for Calculating Virtual Condition for Inter- Nal

question 33

Essay

Give the formulas for calculating virtual condition for inter- nal and external features. Internal feature: External feature:

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Definitions:

Optimum

The condition or outcome that is most favorable or efficient under the given circumstances.

Budget Constraint

The limitation on the consumption bundles that a consumer can afford based on their income and the prices of goods and services.

Indifference Curves

Graphical representations in economics showing different combinations of goods that give a consumer equal satisfaction and utility.

Affordable

Describes something that is reasonably priced, or within one's financial means.