Question: Define graphically and mathematically the utility maximizing equilibrium for consumers. Describe verbally what this means and why this equilibrium will necessarily be the utility maximizing

Define graphically and mathematically the utility maximizing equilibrium for consumers. Describe verbally what this means and why this equilibrium will necessarily be the utility maximizing point. Provide answer as possible. Explain how this insight on consumer behavior can be used by firms to formulate pricing strategy..

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