compare the producer's equilibrium condition given by''maximisation of output for a given cost' with that given by "maximisation of cost for given level of output" do both these conditions results in same outcome?

Hi Candidate,

Equilibrium in simple words can be classified as the Balance Condition, or a condition of state in which both the Elements of the reaction- i.e. Reactants and Products are in mutual bonding with each other.

There are mainly two types of equilibrium- Static equilibrium and Dynamic equilibrium. Static equilibrium holds for a short period of time, where as in Dynamic equilibrium is continued for a longer period of time. In equilibrium, the rate of Forward Reaction and Backward Reaction remains the same.

Hope that this answer helps you.