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THEORIES OF CONSUMER BEHAVIOUR
Study Material
THEORIES OF CONSUMER BEHAVIOUR
Very Short Answer Questions
Q2. Define marginal utility
Q3. What happens to marginal utility, when the total utility is maximum ?
Q4. What is law of diminishing Marginal Utility ?
Q5. What is meant by consumer's equilibrium
Q6. Define an indifference curve
Q7. Define marginal substitution rate of
Q8. Give equation of budget line
Q9. Why does the budget line slope downward ?
Q10. State difference between cardinal utility and ordinal utility ?
Q1. Explain the concept of utility analysis What are shortcomings? Its
Q2. Explain the concepts cardinal utility, ordinal utility, total utility and marginal utility
Q3. Define the law of diminishing marginal utility State its assumptions
Q4. Examine the limitations of the law of diminishing marginal utility and analyse its importance
Q5. Explain the concept of law of equi-marginal utility Point out its assumptions
Q6. Discuss the limitations and importance of law of equi-marginal utility
Q7. What is indifference curve? What are its assumptions?
Q8. Explain the concept of indifference curve Discuss its properties
Q9. How do you define budget line of the consumer?
Q1. Describe the law of diminishing marginal utility, its limitations and importance
Q2. Discuss the consumer's equilibrium with the help of law of equi-marginal utility
Q3. Illustrate the consumer's equilibrium using indifference curve analysis