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picture1_Indifference Curve Analysis Pdf 127511 | Module 03 Marginal Utility And Indifference Curve Analysis Compatibility Mode


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File: Indifference Curve Analysis Pdf 127511 | Module 03 Marginal Utility And Indifference Curve Analysis Compatibility Mode
module 02 cardinal or marginal utility analysis and ordinal utility or indifference curve analysis session outline concept of utility relationship between marginal utility and total utility law of diminishing marginal ...

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    Module: 02
       Cardinal or Marginal 
          Utility Analysis
               and 
         Ordinal Utility or 
        Indifference Curve 
             Analysis
                       Session Outline
        • Concept of utility
        • Relationship between marginal utility and 
          total utility
        • Law of diminishing marginal utility
        • Utility maximizing rule
        • Consumer surplus
                                                                 2
                  Concept of Utility
      • What is Utility?
      • What do you mean by choice and 
         preference? Is choice and preference 
         same?
      • Utility Maximization
                                                      3
          Approaches to Measurement of 
                                    Utility
                                   Cardinalist        Ordinalist 
                                   Approach           Approach
                   Good         Utility (in utils)   Rank order
                      A                 14                2nd
                      B                 03                5th
                     C                  10                3rd
                     D                  08                4th
                      E                 17                1st
                                                                          4
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...Module cardinal or marginal utility analysis and ordinal indifference curve session outline concept of relationship between total law diminishing maximizing rule consumer surplus what is do you mean by choice preference same maximization approaches to measurement cardinalist ordinalist approach good in utils rank order a nd b th c rd d e st...

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