The first in a series of Microeconomics study resources that looks at consumer behavior theory , a branch of microeconomics that seeks to understand how individuals make decisions regarding the purchase, consumption, and disposal of goods and services. It explores the factors and processes that influence consumers’ choices, preferences, and behaviors in the marketplace.
This resource takes a look at utility, and how any rational consumer decides to purchase and use a product/service with the primary aim of maximizing their satisfaction or benefit. It covers
- Utility (Total, average and marginal utility)
- Law of diminishing marginal utility
- Relationship between marginal utility and the demand curve
- Principal theories of utility (Ordinal and cardinal utility)
- Limitations of theory of utility
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