Indifference Curve Analysis Pdf 127502 | Indifference Curve Analysis

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INDIFFERENCE CURVE ANALYSIS Assumptions I. Rationality. The consumer is assumed to be rational-he aims at the maximization of his utility, given his income and market prices. It is assumed he ...

Filetype PDF | Posted on 13 Oct 2022 | 2 years ago

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...Indifference curve analysis assumptions i rationality the consumer is assumed to be rational he aims at maximization of his utility given income and market prices it has full knowledge certainty all relevant information ordinal taken as axiomatically true that can rank preferences order various baskets goods according satisfaction each basket need not know precisely amount suffices expresses preference for bundles commodities necessary assume cardinally measurable only measurement required diminishing marginal rate substitution are ranked in terms curves which convex origin this implies slope increases called theory based thus on axiom see below total depends quantities consumed consistency transitivity choice consistent if one period chooses bundle a over b will choose another both available him assumption may symbolically written follows then similarly s choices characterized by preferred c we write...

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Category: Uncategorized / Uncategorized
Posted on: 13 Oct 2022 | 2 years ago
Tag: download pdf, indifference, curve, analysis,
Filetype: PDF
File size: 0.12 MB
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