Theory of Consumers' Behavior

Overview

Notes

Indifference Curve: Meaning, Assumptions and Properties

Indifference Curve: Meaning, Assumptions and Properties

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Cardinal vs Ordinal Utility and Marginal Rate of Substitution

Cardinal vs Ordinal Utility and Marginal Rate of Substitution

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Consumer's Equilibrium

Consumer's Equilibrium

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Income effect: Derivation of ICC and Engel Curve for Normal and Inferior Goods

Income effect: Derivation of ICC and Engel Curve for Normal and Inferior Goods

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Price Effect: Derivation of PCC and Demand Curve for Substitutes and Complementary Goods

Price Effect: Derivation of PCC and Demand Curve for Substitutes and Complementary Goods

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Substitution Effect

Substitution Effect

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Decomposition of Price Effect Into Income and Substitution Effect

Decomposition of Price Effect Into Income and Substitution Effect

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Lesson Info

  • Notes 7
  • Videos 0
  • Exercises 0
  • Practice Test 0
  • Skill Level Medium

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