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The theory of consumer's behavior seeks to explain the determination of consumer's equilibrium. Consumer's equilibrium refers to a situation when a consumer gets maximum satisfaction out of his given resources. A consumer spends his money income on different goods and services in such a manner as to derive maximum satisfaction. Once a consumer attains equilibrium position, he would not like to deviate from it. Economic theory has approached the problem of determination of consumer's equilibrium in two different ways:
(1) Cardinal Utility Analysis and
(2) Ordinal Utility Analysis Accordingly, we shall examine these two approaches to the study of consumer's equilibrium in greater defait.
Consumer Demand is how much of something that consumers are wanting. A company requires to know the consumer demand so they know how much of a product to build.
Define the term understanding oligopoly. Understanding Oligopoly; One possibility when the two companies will engage into collusion, Sellers engage into collusion while t
how sample size technique is helpful in demand forecasting of a particular product?
According to J.B. Clark's profits arises in a dynamic economy, not in a static one. A static economy is one in which there is absolute freedom of competition population and capital
Let consider the economy (above) again where the following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4) for the prices (p 1 , p 2 , p 3 )=(1,
Part A : Select one of the following economic issues and discuss how it impacts on your organisation. Analysis of consumer demand Cost analysis Market structure and
Explain trend projection method of demand forecasting with illustration.
The Firm The unit that uses factors of production to produce commodities then it sells either to other firms, to household, or to central authorities. The firm is thus the uni
STAGFLATION The term stagflation is a recent arrival in economic literature derived from joining together the stage of stagnation and flections of inflation. The term has been
Disadvantages of product differentiation a) Product differentiation generally reduces the degree of competition in the market. It does this in two ways: i.
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