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Consumer Behaviour Cardinal And Ordinal Utility Analysis — Concept Maps

ICSE · Class 12 · Economics

4 concept maps of Consumer Behaviour Cardinal And Ordinal Utility Analysis for ICSE Class 12 Economics, each also written out as a text outline.

68 questions40 flashcards6 formulas & key relations5 concepts

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A graph showing the relationship between total utility (TU) and marginal utility (MU) as consumption of a good increases. TU increases at a diminishing rate, reaches a maximum, and then declines, whil
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4 Concept Maps

Consumer Behaviour: Cardinal and Ordinal Utility Analysis - Complete Overview

Consumer Behaviour: Cardinal and Ordinal Utility Analysis - Complete Overview

The map in words

  • Consumer Behaviour
    • Cardinal Utility
      • Utility Concepts
        • Total Utility TU
        • Marginal Utility MU
        • Point of Satiety
      • Laws
        • Law of Diminishing MU
          • Assumptions
          • Causes
          • Limitations
          • Importance
        • Law of Equi-marginal
          • Multiple commodities
          • MU per rupee equal
          • Income allocation
      • Equilibrium
        • Single commodity
          • MU equals Price
        • Two commodities
          • Equal MU/P ratios
          • Budget exhausted
    • Ordinal Utility
      • Indifference Curves
        • Meaning IC Schedule
        • Properties of IC
        • Indifference Map
      • Budget Line
        • Equation and Properties
        • Intercepts
        • Changes in Budget Line
      • Consumer Equilibrium
        • IC tangent to BL
        • MRS equals Price Ratio
        • Diminishing MRS
      • Demand Curve
        • Derived from ICs
        • Price changes
        • Quantity demanded changes

TU and MU Relationship: What Really Happens as Consumption Increases

TU and MU Relationship: What Really Happens as Consumption Increases

The map in words

  • Consumer Consumes More Units
    • What is MU?
      • MU is Positive but Falling: TU Increases at Decreasing Rate
        • Continue consuming - still gaining
      • MU equals Zero: TU is at MAXIMUM - Satiety Point
        • Stop here for maximum satisfaction
      • MU is Negative - Disutility: TU FALLS
        • Consumer should NOT consume more

Overview of Consumer Behaviour Analysis

Overview of Consumer Behaviour Analysis

The map in words

  • Consumer Behaviour
    • Cardinal Utility Analysis
      • Utility Concept
        • Total Utility
        • Marginal Utility
      • Laws
        • LDMU
          • Gossen 1854
          • Diminishing MU
        • LEMU
          • Gossen 2nd Law
          • Equal MU per Rupee
      • Consumer Equilibrium
        • Single Good
          • MU equals Price
        • Two Goods
          • MU_X/P_X equals MU_Y/P_Y
    • Ordinal Utility Analysis
      • Assumptions
        • Rational Consumer
        • Two Goods
        • Ordinal Utility
        • More is Better
      • Indifference Curve
        • Downward Slope
        • Convex to Origin
        • Higher IC Better
        • No Intersection
      • Budget Line
        • Equation PxQx plus PyQy equals M
        • Intercepts
        • Income Change
        • Price Change
      • Consumer Equilibrium
        • MRS equals Px/Py
        • Tangency Condition
    • Demand Curve
      • Derived from MU
      • Derived from IC

Consumer behaviour and its two main approaches: cardinal utility analysis and ordinal utility analysis

Consumer behaviour and its two main approaches: cardinal utility analysis and ordinal utility analysis

The map in words

  • Consumer behaviour and its two main approaches: cardinal utility analysis and ordinal utility analysis
    • Consumer behaviour
    • Utility
    • Cardinal utility analysis
    • Marginal utility
    • Total utility
    • Law of diminishing marginal utility
    • Law of equi-marginal utility
    • Consumer's equilibrium

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Frequently Asked Questions

What are the important topics in Consumer Behaviour Cardinal And Ordinal Utility Analysis for ICSE Class 12 Economics?
Key topics in Consumer Behaviour Cardinal And Ordinal Utility Analysis include Utility and Cardinal Utility Analysis, Types of Utility and Relationship Between MU and TU, Law of Diminishing Marginal Utility, Law of Equi-marginal Utility and Consumer's Equilibrium under Cardinal Utility. Study these first, then practise questions on each for the ICSE Class 12 board exam.
What do the concept maps for Consumer Behaviour Cardinal And Ordinal Utility Analysis show?
The 4 maps show how the ideas in Consumer Behaviour Cardinal And Ordinal Utility Analysis connect: Consumer Behaviour: Cardinal and Ordinal Utility Analysis - Complete Overview; TU and MU Relationship: What Really Happens as Consumption Increases. Each map is also written out as an outline on this page.
How should I revise Consumer Behaviour Cardinal And Ordinal Utility Analysis for the ICSE Class 12 board exam?
Learn the core ideas first, then work through the 68 practice questions on Consumer Behaviour Cardinal And Ordinal Utility Analysis. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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