Consumer Behaviour Cardinal And Ordinal Utility Analysis — Flashcards
ICSE · Class 12 · Economics
40 flashcards for Consumer Behaviour Cardinal And Ordinal Utility Analysis (ICSE Class 12 Economics) to test yourself on key terms and facts.
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What is consumer behaviour?
Answer
Consumer behaviour is the process whereby individuals decide what and how much to purchase goods and services for personal consumption. It focuses on how a consumer chooses between goods when income i…
Name the three approaches developed to study consumer behaviour.
Answer
Three approaches have been developed to study consumer behaviour: 1) Utility Analysis or Cardinal Utility Analysis, 2) Indifference Curve Analysis or Ordinal Utility Approach, and 3) Revealed Preferen…
What is utility?
Answer
Utility is the measure of intensity of want of a good, that is, the desire to have a commodity. A good has utility when it satisfies a want. Utility is subjective, different from usefulness, and diffe…
What is cardinal utility?
Answer
Cardinal utility is the utility where the satisfaction derived from consumption of a good can be expressed in numbers. It is a quantitative approach. Utility may be measured in imaginary units called …
Why is utility analysis also called Marshallian utility analysis?
Answer
Utility analysis is also known as Marshallian Utility Analysis of demand because Dr. Alfred Marshall gave its final shape. He stated the Law of Diminishing Marginal Utility, the Law of Equi-marginal U…
What assumptions are used in utility analysis?
Answer
Utility analysis assumes that the consumer is rational, utility is cardinal, utility is additive, marginal utility of money remains constant, and the Law of Diminishing Marginal Utility applies. The c…
What is total utility and how is it calculated?
Answer
Total utility means the total satisfaction obtained from the consumption of a certain number of units of a commodity. It is calculated by adding marginal utilities of all units consumed: TU_{x}=MU_{1}…
What is marginal utility?
Answer
Marginal utility is addition made to total utility by consuming one more unit of a commodity. Prof. Chapman defined it as "Marginal utility is addition made to total utility by consuming one more unit…
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