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THEORY OF CONSUMER BEHAVIOR:
It is generally observed that market aggregate demand curve for a commodity is downward sloping, given other things. Our problem is to investigate economic rationality behind this for a commodity of all individual consumers. The market demand basically depends on the characteristics of demand for a commodity by individual consumers, and the demand for a commodity of an individual consumer depends upon the behaviour of the consumer. Clearly, to investigate economic rationality behind the law of demand, we shall start with the analysis of consumer behaviour.
There are different approaches to analyse the consumer behaviour. But in all approaches, it is assumed that the consumer is rational. This means that the consumer's objective is to maximise her utility by choosing one commodity bundle from among all the commodity bundles (money income and the prices of the commodities are given to the consumer).
Long run equilibrium - Perfect competition: In the long-run, on the other hand, the firm in perfect competition is making normal profit or zero economic profit as shown in Fig
. the condition for second degree of price
A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $
Statistical methods are considered to be superior techniques of demand estimation because: a. The element of subjectivity in this method is minimum, b. Methods of es
Calculate the cross-price elasticity of demand between computers and printers, where a 10 percent decrease in the price of computers results in a 15 percent increase in the quantit
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Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above?
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A trend line can be fitted through a series graphically. Old values of sales for different areas are plotted on a graph and a free hand curve is drawn passing through as many point
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