Class 11th ECONOMICS (Micro Economics Notes) : Chapter 2 Consumer's Behaviour (Utility Analysis & Indifference Curve Analysis
Class 11th MICRO ECONOMICS Lesson 2 CONSUMER’S EQUILIBRIUM : UTILITY ANALYSIS (Sunil Dani Jain, Udaipur Raj.) UTILITY : Wants satisfying power of a good. OR : The quality (Power) of a Commodity / Service that satisfy a human want. Measurement of utility 1. Cardinal approach : Pr. Marshall According to this approach utility is measured in terms of Cardinal numbers such as 1,2,3, 4 etc. This numbers are called Utils (Units of utility). Law of diminishing marginal utility and law of equi-marginal utility is best upon it. 2. Ordinal approach ...