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Consumer Behaviour: Cardinal Utility Analysis
Economics · Chapter 2 · 1. Microeconomic Theory: Demand and Elasticity of Demand
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Your path through this chapter
Visual lesson Beta
- Part 1: Utility and the Law of Diminishing Marginal Utility17 slides
- Part 2: Consumer's Equilibrium18 slides
Flashcards Beta
30 cards for quick recall of key terms and facts.
Review the cards Step 3: Not startedPractice
73 board-style questions with instant checks: Multiple choice 23, Short answer 20, Long answer 7, Assertion and reason 6.
Practise Step 4: Not startedChapter test Free
Short and long chapter tests in board pattern, with results and analysis.
Step 5: Not started- Chapter test (long) — Consumer Behaviour: Cardinal Utility Analysis · 40 marks · 100 min
- Chapter test (short) — Consumer Behaviour: Cardinal Utility Analysis · 20 marks · 50 min
Topics 4
- Utility, total utility and marginal utility; relationship between TU and MU
- Law of Diminishing Marginal Utility: statement, assumptions, schedule and diagram
- Consumer's equilibrium with one commodity (MUx = Px)
- Law of Equimarginal Utility and consumer's equilibrium with two commodities (MUx/Px = MUy/Py = MUm)