Class 11 Microeconom
, A consumer is one who buys
Consumer goods and services for the
satisfaction of wants.
He takes decisions with reg
to the kind of goods to be
purchased in order to satisf
wants.
The main objective is to get
maximum satisfaction from
spending his income on var
goods and services.
, Approaches which are Used to Study Consumer‟s Behaviour
There are two main approaches to
studying consumer‟s behaviour and
consumer‟s equilibrium are :
Cardinal Utility Approach Ordinal Utility Approach
(or Marshall‟s Utility (or Indifference Curve
Analysis or Marginal Analysis or Hicksian
Utility Analysis). Analysis).
, Cardinal
Utility People consume different goo
Approach and services in order to maxim
their satisfaction level. Howev
to do this, it is necessary to
determine quantum of
satisfaction obtained from a
particular commodity. Under
Cardinal Utility Approach, the
concept of “Utility” is used to
attain the consumer‟s equilibr
, A consumer is one who buys
Consumer goods and services for the
satisfaction of wants.
He takes decisions with reg
to the kind of goods to be
purchased in order to satisf
wants.
The main objective is to get
maximum satisfaction from
spending his income on var
goods and services.
, Approaches which are Used to Study Consumer‟s Behaviour
There are two main approaches to
studying consumer‟s behaviour and
consumer‟s equilibrium are :
Cardinal Utility Approach Ordinal Utility Approach
(or Marshall‟s Utility (or Indifference Curve
Analysis or Marginal Analysis or Hicksian
Utility Analysis). Analysis).
, Cardinal
Utility People consume different goo
Approach and services in order to maxim
their satisfaction level. Howev
to do this, it is necessary to
determine quantum of
satisfaction obtained from a
particular commodity. Under
Cardinal Utility Approach, the
concept of “Utility” is used to
attain the consumer‟s equilibr
