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Consumer Behavior of Demand (Utility (Marginal Utility (Additional…
Consumer Behavior of Demand
Utility
Total Utility
Total Benefits/Satisfaction
Marginal Utility
Additional Benefits/Satisfaction
Incremental increase in utility
Usefulness/Happiness
Change from person to person
Law of Diminishing Marginal Utility
Marginal utility decreases by Consumption increases
Consumption increase , utility decrease
Consumption
linked with income
linked with population
linked with price
Consumer allocate limited income to obtain the greatest satisfaction
Choice of those goods that value high
Lecture # 5 : Consumer Behavior
Sajjad Ahmed 1739113