BACHELOR OF COMMERCE (B.COM.,) PAPER – 2.1 MANAGERIAL ECONOMICS 1 UNIT – I CHAPTER - I SECTION - I Definition of Managerial Economics Managerial economics refers to those…
1. UTILITY ANALYSIS OF DEMAND 2. Basic assumptions of Marginal Utility AnalysisCardinal measurement of utility:- It is assumed that utility can be measured and can be given…
Goods X and Y are Compliments while goods X and Z are substitutes. If the supply of good X increases: Substitutes are goods that compete with one another or can be substituted…
Ch 10 The Rational Consumer A rational consumer means a consumer who knows what he or she wants and makes the most of the available opportunities. In this chapter, we will…
1. What is Utility? Product angle: Want satisfying property of any product (absolute). Consumer angle: The psychological feeling of satisfaction or happiness or well being…
Slide 1 1. How consumers choose to spend their income on goods and services 2. Why consumers make choices by maximizing utility, a measure of satisfaction from consumption…
Utility Maximization Theory of Consumer Choice AP Economics Mr. Bordelon Utility and Consumption Utility. Measure of satisfaction. Utils. Unit of utility. Utility function.…
Opportunity Cost and Decisions The utility of a consumer is a measure of the satisfaction the consumer derives from consumption of goods and services. An individual’s consumption…