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Consumer behaviour
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- 3. Discussion points Introduction Utility and its features Types of Utility Concepts of utility Relationship between Utility Law Of Diminishing marginal Utility Law of Equi – Marginal Utility
- 6. Utility The powerof a commodity to satisfy human wants Concept of Utility Total Utility Marginal utility
- 7. Features of Utility Relativeconcept Subjective concept Ethically neutral Not same as pleasure Differ from satisfaction Not easily measurable Depends upon intensity of want & Basic of demand
- 8. Types of Utility FormUtility . Place Utility Time Utility Service Utility Knowledge utility Possession utility
- 9. Law of diminishingmarginal utility Introduction Statement Explanation with scheduled Explanation with diagramed Assumption Exception Conclusion
- 10. Introduction The lawexplains economic behavior of a rational consumer. It is a common experience that the more we have of a commodity, less we desire to have more of it. The law of DMU is propounded by Prof. Alfred Marshall in his book Principles of Economics published in 1890.
- 11. Statement of thelaw According to Prof. Alfred Marshall Other thing’s remaining constant, The additional benefit which a person derives from the increase in the stock of a thing diminishes with every increase in the stock that he already has. • It simple word, MU goes on Diminishing with an increase in the successive unit of a commodity consumed
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- 14. Assumptions Homogeneity Singleuse Cardinal measurement Rationality Continuity Reasonability Constancy Divisibility Constant marginal utility of money income
- 15. Exception Hobbies Misers Drunkards Music Power Reading Money