Concept of Duality in Consumer Theory
Meaning of Duality The term duality is habitually used to denote a dissimilarity between two correlated concepts, such as duel…
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September 29, 2020
Concept of Duality in Consumer Theory
Income and Substitution Effects of a Price Change
Income and Substitution Effects of a Price Change
In our situation of good X, good Y, and money income M; if money income and the price of good…
September 15, 2020
Income Consumption and Engel Curve
Income Consumption and Engel Curve
Learning Objective To explain the derivation of income consumption and Engel curve for a normal and inferior good This issue…
September 14, 2020
Change in Prices and Derivation of Demand Curve
Change in Prices and Derivation of Demand Curve
Introduction In the analysis of consumer’s equilibrium, price and income are an exogenous variable, and change in the values of…
September 14, 2020
Comparative Statics of Consumer Behavior
Comparative Statics of Consumer Behavior
Introduction The theory of consumer behavior and demand is grounded on the assumption that consumers try to allot limited money…
September 12, 2020
Consumer’s Equilibrium with Indifference Curve Approach
Consumer’s Equilibrium with Indifference Curve Approach
Introduction A consumer attains his/her equilibrium when he/she maximizes his/her total utility, given his/her income and prices of the two…
September 12, 2020
The Consumption Decision
The Consumption Decision
Learning Objective To explain the technique and solution of the consumption decision problem Once the consumer identifies his or her…
September 11, 2020
Preference Ordering
Preference Ordering
Background and Concept of Preference Ordering Learning Objective To explain the concept of preference ordering and axioms of preference ordering…
September 10, 2020
Cardinal Utility Versus Ordinal Utility
Cardinal Utility Versus Ordinal Utility
Learning Objective To explain the similarities and differences between cardinal and ordinal utility analysis (cardinal utility versus ordinal utility) …
September 8, 2020
Application and Uses of Indifference Curve
Application and Uses of Indifference Curve
Besides the analysis of consumer behavior and consumer demand, the technique of the indifference curve can be used in the…
September 8, 2020
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