1 Theory of Consumption Class 11 ECONOMICS

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Theory of Consumption Class 11 ECONOMICS

Last Updated On: 19-Aug-2021Posted On: 19-Aug-2021

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There are two main approaches in the economic theory of consumption 1.Cardinal utility - Cardinal utility approach used by the economist like Marshall 2.Ordinal utility - Ordinal utility approach used by the economist like j.R. Hicks 3.The law of Diminishing marginal utility 4.Law of equimarginal utility 5.Consumer's equilibrium 6.Ordinal approach to consumer equilibrium 7. First order condition and supplementry or second order condition 8. Conclusion & Summary

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