This document discusses cardinal and ordinal utility analysis. It provides details on:
- Cardinal utility which holds that utility can be measured in units, while ordinal utility holds that utility can only be compared between options.
- The law of diminishing marginal utility which states that as consumption of a good increases, the marginal utility from each additional unit decreases.
- Total utility, marginal utility, and the relationship between the two. Total utility increases at a diminishing rate while marginal utility decreases.
- The law of equi-marginal utility which explains how a consumer allocates a limited budget across goods to maximize utility by equating marginal utility across goods. Indifference curves and indifference schedules are used to illustrate this
A PowerPoint Presentation about Indifference Curve of Economics. Everyone should know about Indifference Curve. So watch it, download it and make your own from it.
A PowerPoint Presentation about Indifference Curve of Economics. Everyone should know about Indifference Curve. So watch it, download it and make your own from it.
This theory relies on the market behaviour of the consumer to know about his preferences with regard to the various combinations for the two reactions and responses of the consumer.
Application of indifference curve analysisYashika Parekh
The law of demand expresses the functional relationship between price and quantity demanded.
Assumption of ‘ Ceteris Paribus’. A hypothetical assumption
If price of a commodity falls, the quantity demanded of it will rise and vice versa.
Inverse relationship between price and quantity
Other factors also play an important role.
Real world variables.
The indifference curve analysis has also been used to explain producer’s equilibrium, the problems of exchange, rationing, taxation, supply of labour, welfare economics and a host of other problems. Some of the important problems are explained below with the help of this technique.
(1) The Problem of Exchange:
With the help of indifference curve technique the problem of exchange between two individuals can be discussed. We take two consumers A and В who possess two goods X and Y in fixed quantities respectively. The problem is how can they exchange the goods possessed by each other. This can be solved by constructing an Edgeworth-Bowley box diagram on the basis of their preference maps and the given supplies of goods.
In Macroeconomics Income and Employment are interchangeable terms, since in the short-run National income depends on the total volume of employment or economic activity in the country. As income and employment are synonymous the employment theory is also called income theory.
It should be clear to readers that the classical economists did not formulate any specific theory of employment as such. They only laid down certain postulates which subsequently developed as a theory.
These slides include the different concepts of cardinal utility analysis and briefly show the assumptions, TU and MU, Law of diminishing utility analysis, and the law of equi-marginal utility, and finally, includes the limitations of cardinal utility analysis.
Just an extension to the demand theory for ISC economics, this chapter discusses consumer equilibrium with utility approach. Especially when goods are free, priced and two commodity case.
This theory relies on the market behaviour of the consumer to know about his preferences with regard to the various combinations for the two reactions and responses of the consumer.
Application of indifference curve analysisYashika Parekh
The law of demand expresses the functional relationship between price and quantity demanded.
Assumption of ‘ Ceteris Paribus’. A hypothetical assumption
If price of a commodity falls, the quantity demanded of it will rise and vice versa.
Inverse relationship between price and quantity
Other factors also play an important role.
Real world variables.
The indifference curve analysis has also been used to explain producer’s equilibrium, the problems of exchange, rationing, taxation, supply of labour, welfare economics and a host of other problems. Some of the important problems are explained below with the help of this technique.
(1) The Problem of Exchange:
With the help of indifference curve technique the problem of exchange between two individuals can be discussed. We take two consumers A and В who possess two goods X and Y in fixed quantities respectively. The problem is how can they exchange the goods possessed by each other. This can be solved by constructing an Edgeworth-Bowley box diagram on the basis of their preference maps and the given supplies of goods.
In Macroeconomics Income and Employment are interchangeable terms, since in the short-run National income depends on the total volume of employment or economic activity in the country. As income and employment are synonymous the employment theory is also called income theory.
It should be clear to readers that the classical economists did not formulate any specific theory of employment as such. They only laid down certain postulates which subsequently developed as a theory.
These slides include the different concepts of cardinal utility analysis and briefly show the assumptions, TU and MU, Law of diminishing utility analysis, and the law of equi-marginal utility, and finally, includes the limitations of cardinal utility analysis.
Just an extension to the demand theory for ISC economics, this chapter discusses consumer equilibrium with utility approach. Especially when goods are free, priced and two commodity case.
The law of diminishing marginal utility is a law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
MG University MBA Theory of consumer behavior .ideal for MG University MBA degree 2020-22 .cardinal and ordinal utility analysis is mentioned with examples.
easy to understand very helpful for students .................................................................................................................
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
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how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
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If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
2. Cardinal Utility(Alfred Marshall )
1. According to cardinal approach, utility
can be measured.
2. An example:-an apple may yield to a
consumer a utility or satisfaction of 20
units whereas an orange yields him a
utility of 10 units.
3. Therefore , that the consumer gets twice
as much utility from an apple as that from
an orange.
3. TYPES OF UTILITY.
• 1) Form utility
• 2) Place utility
• 3) Time utility and
• 4) Service utility.
4. The Law of Diminishing Marginal Utility
1. A consumer consume more and more units of the same
commodity during a particular time, the utility he
derives from the successive units will diminish. In other
words, the additional satisfaction derived from the
additional units of a commodity goes on decreasing.
2. Alfred Marshall defines the ‘Law of Diminishing
Marginal Utility’ as “The additional benefit which a
person derives from a given increase of his stock of a
thing diminishes with every increase in the stock that he
already has.”
5. Assumptions of the Law:
1. The law of diminishing marginal utility is based on the cardinal
measurement of utility.
2. Utility is measured in terms of money. The law assumes that the
marginal utility of money is constant.
3. There should not be any time gap between the consumption of one
unit and the other unit.
4. The units of the commodity are homogeneous us. i.e., they are alike
in size and quality.
5. The consumer is assumed to be a rational economic man. He has the
knowledge about the market.
6. Total and Marginal Utilities
1. Total Utility: Total utility means the total satisfaction attained by
the consumer from all the units of a commodity taken together in
the consumption of a certain thing at a time.
2. Marginal Utility: Marginal utility is the additional utility obtains
from an additional unit of any commodity consumed or acquired.
MUx = ∆TUx/ ∆TQx
7. Explanation of the Law of Diminishing
Marginal Utility
•We can observe that as the units of the commodity ‘X’ is increase, the
marginal utility derived from each success units tends to diminish.
•The total utility increases at diminishing rate till the 6th ‘X’.
•At that level total utility becomes maximum, and marginal utility is
zero.
•After this level total utility declines and marginal utility becomes
negative.
•Zero marginal utility implies the point of satiety which indicates the
complete satisfaction of a given want.
8. Diagram & Table Explanation
The Law of Diminishing Marginal
Utility
-5
0
5
10
15
20
25
30
35
1 2 3 4 5 6 7
X goods
Total/MarginalUtilities
X Units Total
Utility
Marginal
Utility
1 10 -
2 18 8
3 24 6
4 28 4
5 30 2
6 30 0
7 28 -2
TUC
MUC
9. The relationship between total utility and
marginal utility
1. When total utility increases at diminishes
rate, marginal utility diminishes.
2. When total utility is maximum, marginal
utility becomes zero.
3. When total utility decreases, marginal
utility becomes negative.
10. Importance of the Law:
1. Useful to Finance Minister.
2. Basis for the theory of value.
3. Basis for the Demand and explains the
negative slope of demand curve.
4. Determination of optimum consumption.
5. Useful in the distribution of wealth.
11. The Law of Equi Marginal
Utility:
1. The law of equi marginal utility explains as to how a
consumer distributes his limited income among
various commodities
2. He will spend his income in such away that the last
rupee spent on each of the commodity gives him the
same marginal utility.
3. The law of equi-marginal utility has been stated by
Marshall as follows “If a person has a thing which
can be put to several uses, he will distribute it
among the uses in such a way that it has the same
marginal utility in all”
12. Assumptions of the Law:
1. The utility is cardinally measurable.
2. The marginal utility of money remains constant.
3. Consumer has a limited amount of income and he spends
the entire amount.
4. The wants and habits of the consumer remain constant.
5. The consumer is rational. He tries to get maximum
satisfaction.
6. The consumer spends his income in small quantities while
purchasing the commodities.
13. Illustration of the Law:-
• Figures in the brackets shows as to how the consumer
spent his Rs 5/- on two types of commodities.
• Let us assume that the price of each commodity is
one rupee.
•The consumer starts spending his first rupee on X
because the highest marginal utility on X is 10 utils.
•In the same way he spends his 2nd, 3rd, 4th and 5th
rupee on the commodities which gives highest utility.
•Thus the total utility obtain from X and Y will be 38.
•In this way the consumer spends his entire income on
X and Y in such way that the last rupee spent on X and
Y gives the same marginal utility.
•Thus the consumer gets maximum satisfaction
Units Mux Muy
1 10(1) 8 (2)
2 8 (3) 6 (4)
3 6 (5) 4
4 4 2
5 2 0
Total 30 20
15. Importance of the Law:
1. The law explains as to how a consumer maximizes
his satisfaction from his limited recourses.
2. Optimum allocation of the recourses can be
possible by applying this principle.
3. While imposing taxes, the government is cautious
that the marginal sacrifice of all the taxpayers is the
same.
16. Ordinal utility
1.According to the concept of ordinal utility ,the utility
cannot be measured ; it can only be compared.
2.A person can only compare the utility he gets from the first
unit of orange with the utility he gets from the second unit of
orange.
3.This analysis is known as indifference curve analysis.
17. Indifference curve:-
• Indifference curve is graph showing different bundles of
goods between which a consumer is indifferent.
• One can equivalently refer to each point on the
indifference curve as rendering the same level of utility
(satisfaction) for the consumer.
• This means that if the consumer is presented with a
number of various combinations of goods , he can order or
rank them in a ‘scale of preference’..
18. Properties of Indifference Curve
• Downward sloping.
• Convex to the origin.
• Non-intersecting.
• A higher level indifference curve represents
a higher level of satisfaction than a lower
level indifference curve.
21. Assumptions
• Good are homogeneous and divisible.
• The consumer seeks maximum satisfaction.
• Taste and preference of the consumer is remain constant.
• Prices of goods are given and constant for him.
• Consumer has to spend whole of his given money on the
two goods.