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Coogle of lecture 5 (Law of demising marginal utility (Relation between…
Coogle of lecture 5
Law of demising marginal utility
Utility with respect to price
Why demand curve is negative slop
Curve of utility
Relation between utility, marginal utility and satisfaction
Higher the utility lower the marginal utility and higher the customer satisfaction
How utility is determine
Curve of marginal and total utility
Additional marginal utility
Relation between demand and additional marginal utility
Lower the additional marginal utility higher the demand
Utility Function
Example: utility of mehran and pajero
Concept of need and want
Aspect of Utility function
Potential
understand with the help of human hunger
Quantity
Marginal Utility
Represent demand function
Consumer behavior
Consumption
Consumption link with price and fashion
Potential consumption link with human
Consumption link with Income
From where consumption come
Consumption link with technology
Example: We did not eat desi food because of social media status
Consumption link with religion
Example: We did not eat non halal meat
Consumer
Definition of consumer behavior
Link of consumer behavior with society
Behavior of human with respect to society
Ordinal utility
preference of human on shopping
Example: we purchase cloths according to fashion
We prefer things to full fill demand
It the the utility function which link with preference
preference make according to scale
Made by Azaz Ahmed (1839124)