The feasibility condition is a fundamental concept in microeconomics used in conjunction with the tangency condition to solve the consumer choice problem and derive the demand function. It ensures that a consumer’s total expenditure on goods does not exceed their available income, forming the basis of the budget constraint in consumer theory.
The feasibility condition is a fundamental concept in microeconomics used in conjunction with the tangency condition to solve the consumer choice problem and derive the demand function. It ensures that a consumer’s total expenditure on goods does not exceed their available income, forming the basis of the budget constraint in consumer theory.
Source: Wikipedia "Feasibility condition" · CC BY-SA 4.0
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