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Theory of Consumer Behaviour
By Bharat Galani MeraSkill.com Š MeraSkill
Theory of Consumer Behaviour
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Index What is Theory of Consumer Behaviour? Utility analysis 1. Marginal Utility Analysis (Cardinal) -Law of Diminishing Marginal Utility -Law of Equi Marginal Utility 2. Consumer Surplus 3. Indifference Curve Analysis (Ordinal) -Indifference Curves & Budget Line -Consumer Equilibrium
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Theory of Consumer Behaviour 1. How a consumer buys different goods at different prices 2. How a consumer allocates income to purchase different goods
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Utility Want satisfying power of a commodity Subjective Not same as usefulness Ethically neutral Anticipated satisfaction Š MeraSkill
Two Theories I. Cardinal i. Diminishing Marginal Utility ii. Equi Marginal Utilty
II. Ordinal i.Indifference Curve
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Summary Theory of Consumer Behaviour Utility Two Theories
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Marginal Utility
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Marginal Utility I. Law of Diminishing Marginal Utility Proposition Assumptions MU & TU Schedule & Graphical Representation Limitations II. Law of Equi Marginal Utility III. Consumer Surplus Š MeraSkill
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