Law of diminishing marginal utility
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The document discusses the law of diminishing marginal utility. It states that as consumption of a good increases, the marginal utility (additional satisfaction) from each additional unit decreases. This is because wants are unlimited but individual wants can be satisfied. The marginal utility curve is downward sloping, showing diminishing returns to scale. An example is given of a thirsty man drinking glasses of water, where the utility declines with each additional glass. Exceptions to the law include rare goods and intoxicating substances.
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Law of diminishing marginal utility
This document summarizes the law of diminishing marginal utility. It states that as consumption of a good increases incrementally, the satisfaction or utility derived from each additional unit decreases. The law is explained using examples like consuming hamburgers or antibiotics. Diminishing marginal utility forms the basis for concepts like progressive taxation and variety in goods produced. Exceptions include rare collections, money and addictive substances which people continue consuming in increasing amounts despite diminishing marginal utility. The law was first stated by H. Gossen and later restated by Alfred Marshall and has wide applications in economics, production, and household expenditure.
The law of equi marginal utility
This document discusses Gossen's Second Law, also known as the Law of Equi-marginal Utility. The law states that consumers will allocate their limited income across different goods in a way that equalizes the marginal utility per rupee spent. Traditionally, this meant spending to the point where the last rupee spent on each good yields equal satisfaction. Modernly, it means allocating spending such that the marginal utility divided by price is equal for all goods. The law aims to explain how consumers can maximize total utility from a given expenditure.
Law of equi marginal utility
The law of equi-marginal utility states that a consumer will maximize total utility when the marginal utility per unit of expenditure is equal across all goods purchased. It assumes consumers have limited incomes and try to allocate spending in a way that equalizes the marginal utility of each item. An example is provided showing that total utility is maximized when $4 is spent on apples and $2 on bananas, since the marginal utility of each good is equal at that allocation. There are several limitations and assumptions of the law, and it is important in areas like production, consumption, exchange and public finance.
Indifrrence curve analysis
This document discusses indifference curve analysis, which is used to analyze consumer behavior. It defines indifference curves as curves that connect combinations of goods that provide equal satisfaction to the consumer. It also discusses the assumptions of indifference curve analysis, including rationality and ordinal utility. The document outlines concepts like marginal rate of substitution, budget constraints, and the conditions for consumer equilibrium where the indifference curve is tangent to the budget line. It examines how changes in income or prices can shift budget lines and impact equilibrium. Overall, the document provides an overview of key concepts in indifference curve analysis.
cardinal and ordinal utility analysis.
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
law of diminishing Marginal utility
1. Utility theory includes the law of diminishing marginal utility and the law of equi-marginal utility. The law of diminishing marginal utility states that the marginal utility of consuming successive units of a good decreases as consumption increases.
2. Marginal utility refers to the satisfaction gained from consuming an additional unit of a good. It decreases with increasing consumption as wants are satisfied. The total utility initially increases with consumption but eventually reaches a point where marginal utility is zero and additional units provide no added satisfaction.
3. An example of diminishing marginal utility is drinking water when thirsty. The first glass provides the most satisfaction while additional glasses provide less satisfaction until the point where more water would provide disutility rather than
Indifference Curves
An indifference curve shows combinations of goods that give a consumer the same level of satisfaction or utility. It is normally drawn as convex to the origin to reflect the assumption that as consumption of a good increases, the marginal utility from additional units decreases. Points on the same indifference curve represent combinations that are indifferent to the consumer, while higher indifference curves correspond to greater total utility or satisfaction.
Marginal Utility
This document discusses marginal utility analysis and consumer behavior theory. It defines key concepts like total utility, marginal utility, diminishing marginal utility, and explains how consumers seek to maximize utility given budget constraints. The document also discusses how consumers reach equilibrium when purchasing multiple goods, where the marginal utility per rupee is equal across goods. It shows how demand curves can be derived from marginal utility curves and outlines some limitations of the marginal utility approach.
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Law of diminishing marginal utility
This document summarizes the law of diminishing marginal utility. It states that as consumption of a good increases incrementally, the satisfaction or utility derived from each additional unit decreases. The law is explained using examples like consuming hamburgers or antibiotics. Diminishing marginal utility forms the basis for concepts like progressive taxation and variety in goods produced. Exceptions include rare collections, money and addictive substances which people continue consuming in increasing amounts despite diminishing marginal utility. The law was first stated by H. Gossen and later restated by Alfred Marshall and has wide applications in economics, production, and household expenditure.
The law of equi marginal utility
This document discusses Gossen's Second Law, also known as the Law of Equi-marginal Utility. The law states that consumers will allocate their limited income across different goods in a way that equalizes the marginal utility per rupee spent. Traditionally, this meant spending to the point where the last rupee spent on each good yields equal satisfaction. Modernly, it means allocating spending such that the marginal utility divided by price is equal for all goods. The law aims to explain how consumers can maximize total utility from a given expenditure.
Law of equi marginal utility
The law of equi-marginal utility states that a consumer will maximize total utility when the marginal utility per unit of expenditure is equal across all goods purchased. It assumes consumers have limited incomes and try to allocate spending in a way that equalizes the marginal utility of each item. An example is provided showing that total utility is maximized when $4 is spent on apples and $2 on bananas, since the marginal utility of each good is equal at that allocation. There are several limitations and assumptions of the law, and it is important in areas like production, consumption, exchange and public finance.
Indifrrence curve analysis
This document discusses indifference curve analysis, which is used to analyze consumer behavior. It defines indifference curves as curves that connect combinations of goods that provide equal satisfaction to the consumer. It also discusses the assumptions of indifference curve analysis, including rationality and ordinal utility. The document outlines concepts like marginal rate of substitution, budget constraints, and the conditions for consumer equilibrium where the indifference curve is tangent to the budget line. It examines how changes in income or prices can shift budget lines and impact equilibrium. Overall, the document provides an overview of key concepts in indifference curve analysis.
cardinal and ordinal utility analysis.
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
law of diminishing Marginal utility
1. Utility theory includes the law of diminishing marginal utility and the law of equi-marginal utility. The law of diminishing marginal utility states that the marginal utility of consuming successive units of a good decreases as consumption increases.
2. Marginal utility refers to the satisfaction gained from consuming an additional unit of a good. It decreases with increasing consumption as wants are satisfied. The total utility initially increases with consumption but eventually reaches a point where marginal utility is zero and additional units provide no added satisfaction.
3. An example of diminishing marginal utility is drinking water when thirsty. The first glass provides the most satisfaction while additional glasses provide less satisfaction until the point where more water would provide disutility rather than
Indifference Curves
An indifference curve shows combinations of goods that give a consumer the same level of satisfaction or utility. It is normally drawn as convex to the origin to reflect the assumption that as consumption of a good increases, the marginal utility from additional units decreases. Points on the same indifference curve represent combinations that are indifferent to the consumer, while higher indifference curves correspond to greater total utility or satisfaction.
Marginal Utility
This document discusses marginal utility analysis and consumer behavior theory. It defines key concepts like total utility, marginal utility, diminishing marginal utility, and explains how consumers seek to maximize utility given budget constraints. The document also discusses how consumers reach equilibrium when purchasing multiple goods, where the marginal utility per rupee is equal across goods. It shows how demand curves can be derived from marginal utility curves and outlines some limitations of the marginal utility approach.
Presentation on Indifference Curve
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.
The law of diminishing marginal utility
The law of diminishing marginal utility states that as consumption of a good increases, the marginal utility from each additional unit decreases. Initially a thirsty man derives great utility from the first glass of water but each successive glass provides less additional satisfaction. While the law generally holds, there are exceptions like intoxicants where marginal utility may increase with consumption. The law has practical implications for production, household expenditures, taxation policy and more.
total and marginal utility
This document discusses the concept of utility in economics. It defines utility as the satisfaction derived from consuming a good or service. Utility is subjective and varies between individuals. The document outlines two approaches to utility - the cardinal approach which views utility as measurable, and the ordinal approach which sees utility as only able to be compared. It also discusses total utility, marginal utility, diminishing marginal utility, and indifference curves in analyzing utility.
Utility - Concept and Types - Law of Diminishing Marginal Utility - Assumptio...
This document discusses the concept of utility and the law of diminishing marginal utility. It defines utility as the want-satisfying capacity of a product or the level of satisfaction obtained. There are two approaches to measuring utility - cardinal utility which quantifies utility and ordinal utility which ranks preferences. The law of diminishing marginal utility states that as consumption of a good increases, the marginal utility obtained from each additional unit decreases. It provides an example table showing how total utility increases at a diminishing rate as marginal utility falls with more consumption. The law is based on assumptions like utility being measurable and consumption being of uniform, continuous units of a good. It explains economic concepts like demand, pricing and progressive taxation. Rare goods, money and fashion
Indifference curve analysis
This document discusses the ordinal utility approach to consumer behavior. It provides 3 key points:
1) The ordinal utility approach differs from the cardinal utility approach in that satisfaction derived from commodities cannot be objectively measured, but can only be ranked qualitatively. Utility is measured in ordinal rather than cardinal numbers.
2) Indifference curves are used to graphically represent combinations of goods that provide equal satisfaction to the consumer. The slope of the indifference curve, known as the marginal rate of substitution, captures the rate at which a consumer will substitute one good for another.
3) Consumer equilibrium is reached when the budget constraint is tangent to the highest attainable indifference curve, meaning the marginal rate of substitution equals the
Ordinal Utility Approach IC Curve
This document discusses indifference curve analysis and its key concepts. It begins by explaining that indifference curve analysis originated in the late 19th century as a way to explain consumer choice between two goods. It then provides definitions of important terms like indifference curves, indifference maps, indifference schedules, and marginal rate of substitution. The properties of indifference curves are discussed, including that they slope downward, are convex, and do not intersect. The relationship between indifference curves and budget constraints is also explained.
Law of equi marginal utility gp
The document discusses the law of equi-marginal utility. It states that according to this law, when income is spent on two or more goods, a consumer will allocate their income in such a way that the marginal utility from the last unit of each good is equal. This will maximize their total utility. The document provides an example using a table and graph to illustrate how when marginal utilities from goods A and B are equal at 6 units each, the total utility is maximized at 38 units. It notes some assumptions and limitations of applying the law, such as utility being difficult to measure precisely.
Law of diminishing marginal utility
The document discusses the law of diminishing marginal utility. It states that as consumption of a good increases, the marginal utility from each additional unit decreases. This is illustrated using an example of drinking water. As a thirsty person drinks more glasses of water, the marginal utility declines from 20 units for the first glass to 12 units for the second glass, and reaches zero utility at the fifth glass. The law is based on the premises that wants are unlimited but a single want can be satisfied, goods are not perfect substitutes, and tastes do not change. Limitations of the law include its application to intoxicants, money, rare goods, and its inability to measure or estimate utility for all goods.
Cardinal utility
This document discusses the concept of utility in economics. It defines utility as the satisfaction received from consuming goods and services, and how utility can vary for different individuals and over time. It then describes how utility can be measured in cardinal units and the concepts of total utility and marginal utility. The document also discusses the law of diminishing marginal utility and provides examples to illustrate consumer equilibrium.
Consumer's equilibrium
Consumer equilibrium refers to a situation where a consumer spends their income on purchasing goods in a way that maximizes their satisfaction. It occurs where the marginal utility per rupee spent equals the price, or where the marginal rate of substitution between goods equals the ratio of their prices. This happens at the point where the budget line that shows all affordable combinations of goods is tangent to the highest possible indifference curve on the indifference map, representing the consumer's preferred combinations.
Consumer equilibrium and demand
This document discusses concepts related to consumer equilibrium and demand. It defines key terms like utility, marginal utility, total utility, and how they are related. The law of diminishing marginal utility and how it impacts demand is explained. Two approaches to modeling consumer equilibrium are presented: the utility approach and indifference curve approach. Consumer equilibrium conditions and assumptions are outlined for both single and multiple goods. Factors that determine demand, the law of demand, and exceptions are also summarized. Elasticity of demand and its measurement are briefly introduced.
Consumer surplus
1) Consumer surplus measures how much better off consumers are from purchasing goods that provide them utility, which is the difference between what consumers are willing to pay and the actual price they pay.
2) Consumer surplus can be measured for each unit purchased and is the total surplus from summing the surplus of each individual unit.
3) Graphically, consumer surplus is represented by the area above the price line and below the demand curve up to the quantity purchased. A lower price increases consumer surplus while a higher price decreases it.
Law of equi marginal utility
The law of equi-marginal utility states that consumers will allocate their limited income across different goods in a way that equalizes the marginal utility per rupee spent. Specifically, the traditional statement is that a consumer will spend their money such that the last rupee spent on each good yields equal satisfaction. Alternatively, the modern statement is that marginal utility divided by price will be equal across goods, allowing consumers to maximize total utility. This law assumes consumers can purchase multiple goods and aims to explain how consumers allocate resources to maximize satisfaction given budget constraints.
Elasticity Of Demand
Elasticity measures the extent to which demand changes in response to a change in price. There are different degrees of price elasticity including perfectly elastic, perfectly inelastic, unitary elastic, relatively elastic, and relatively inelastic demand. Cross elasticity and income elasticity also measure responsiveness of demand but to other factors like substitute goods and consumer income levels respectively. Methods for measuring price elasticity include the total expenditure method, percentage method, point method, arc elasticity, and revenue method.
Elasticity of demand
This document discusses the concept of elasticity of demand as introduced by Marshall. It defines elasticity of demand as the ratio of percentage change in quantity demanded to the percentage change in price. There are three types of elasticity: price, income, and cross elasticity. Factors that influence elasticity include the nature of the commodity, availability of substitutes, uses, ability to postpone demand, amount spent, time, and price range. Elasticity is important for price fixation, production, distribution, international trade, public finance, and nationalization decisions.
Law of demand and its exceptions
The document discusses the law of demand, which states that as the price of a product increases, quantity demanded decreases, and vice versa. It defines the law of demand and explains that it shows the inverse relationship between price and quantity on a demand curve graph. The demand curve is downward sloping, with price on the vertical axis and quantity on the horizontal axis, and it holds all other factors that influence demand constant.
indifference_curve
The document discusses consumer behavior theory and the concept of indifference curves. It introduces three approaches to analyzing consumer behavior: Marshallian, cardinal utility, and ordinal utility. It then defines utility, explores its features and concepts like total, marginal, and diminishing utility. The document also explains indifference curves and their properties, including convexity and non-intersection. It discusses the budget line and how consumers reach equilibrium when maximizing satisfaction given prices and income.
Law of diminishing marginal utility
This document discusses the law of diminishing marginal utility and indifference curves. The law of diminishing marginal utility states that as consumption of a good increases, the utility from each additional unit decreases, assuming tastes and other consumption remain constant. An indifference curve represents combinations of two goods that provide the same level of satisfaction or utility to a consumer. Indifference curves slope downward, are convex, and do not intersect, with higher curves representing greater satisfaction levels. Examples are provided to illustrate these concepts.
Utility
This document discusses the concept of utility in economics. It defines utility as the capacity of a good or service to satisfy human wants. The document outlines several key characteristics of utility, including that it is psychological, individual, relative, and cannot be objectively measured. It also discusses different types of utility related to production and consumption, including form utility, place utility, time utility, service utility, marginal utility, total utility, and average utility. The relationship between marginal utility and total utility is explored, noting that total utility is maximized when marginal utility reaches zero.
Consumer Equilibrium by Indifference Curve Analysis
This document provides an overview of consumer equilibrium through indifference curve analysis. It defines key concepts such as indifference curves, which represent combinations of goods that provide equal satisfaction to a consumer; indifference maps, which depict a consumer's complete preferences through a set of indifference curves; and budget lines, which show the combinations of two goods that can be purchased with a fixed income and prices. It explains that consumer equilibrium is reached at the point where the budget line is tangent to the highest attainable indifference curve, maximizing satisfaction within a limited budget.
Law of Diminishing Marginal Utility
The document summarizes the law of diminishing marginal utility, which states that as consumption of a commodity increases, keeping other commodities constant, the marginal utility of that commodity will eventually decline. It defines marginal utility as the additional utility provided by consuming one more unit of a good, and total utility as the total satisfaction obtained from consuming various quantities. An example table and graphs are provided to illustrate how total utility increases at a decreasing rate as consumption increases, resulting in marginal utility declining after a certain point of consumption.
law of diminishing marginal utility
This document discusses the law of diminishing marginal utility. It defines utility as the satisfaction or benefit derived from consuming goods and services, which can be measured cardinally or ordinally. Total utility is the sum of utility from consuming multiple units of a good, while marginal utility is the change in total utility from consuming one additional unit. The law of diminishing marginal utility states that as consumption of a good increases, the marginal utility of each additional unit decreases, assuming other consumption stays constant. This is illustrated with an example showing that marginal utility declines as a person consumes more and more ice cream. There are assumptions and limitations to when this law holds true.
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The law of diminishing marginal utility states that as consumption of a good increases, the marginal utility from each additional unit decreases. Initially a thirsty man derives great utility from the first glass of water but each successive glass provides less additional satisfaction. While the law generally holds, there are exceptions like intoxicants where marginal utility may increase with consumption. The law has practical implications for production, household expenditures, taxation policy and more.
total and marginal utility
This document discusses the concept of utility in economics. It defines utility as the satisfaction derived from consuming a good or service. Utility is subjective and varies between individuals. The document outlines two approaches to utility - the cardinal approach which views utility as measurable, and the ordinal approach which sees utility as only able to be compared. It also discusses total utility, marginal utility, diminishing marginal utility, and indifference curves in analyzing utility.
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This document discusses the concept of utility and the law of diminishing marginal utility. It defines utility as the want-satisfying capacity of a product or the level of satisfaction obtained. There are two approaches to measuring utility - cardinal utility which quantifies utility and ordinal utility which ranks preferences. The law of diminishing marginal utility states that as consumption of a good increases, the marginal utility obtained from each additional unit decreases. It provides an example table showing how total utility increases at a diminishing rate as marginal utility falls with more consumption. The law is based on assumptions like utility being measurable and consumption being of uniform, continuous units of a good. It explains economic concepts like demand, pricing and progressive taxation. Rare goods, money and fashion
Indifference curve analysis
This document discusses the ordinal utility approach to consumer behavior. It provides 3 key points:
1) The ordinal utility approach differs from the cardinal utility approach in that satisfaction derived from commodities cannot be objectively measured, but can only be ranked qualitatively. Utility is measured in ordinal rather than cardinal numbers.
2) Indifference curves are used to graphically represent combinations of goods that provide equal satisfaction to the consumer. The slope of the indifference curve, known as the marginal rate of substitution, captures the rate at which a consumer will substitute one good for another.
3) Consumer equilibrium is reached when the budget constraint is tangent to the highest attainable indifference curve, meaning the marginal rate of substitution equals the
Ordinal Utility Approach IC Curve
This document discusses indifference curve analysis and its key concepts. It begins by explaining that indifference curve analysis originated in the late 19th century as a way to explain consumer choice between two goods. It then provides definitions of important terms like indifference curves, indifference maps, indifference schedules, and marginal rate of substitution. The properties of indifference curves are discussed, including that they slope downward, are convex, and do not intersect. The relationship between indifference curves and budget constraints is also explained.
Law of equi marginal utility gp
The document discusses the law of equi-marginal utility. It states that according to this law, when income is spent on two or more goods, a consumer will allocate their income in such a way that the marginal utility from the last unit of each good is equal. This will maximize their total utility. The document provides an example using a table and graph to illustrate how when marginal utilities from goods A and B are equal at 6 units each, the total utility is maximized at 38 units. It notes some assumptions and limitations of applying the law, such as utility being difficult to measure precisely.
Law of diminishing marginal utility
The document discusses the law of diminishing marginal utility. It states that as consumption of a good increases, the marginal utility from each additional unit decreases. This is illustrated using an example of drinking water. As a thirsty person drinks more glasses of water, the marginal utility declines from 20 units for the first glass to 12 units for the second glass, and reaches zero utility at the fifth glass. The law is based on the premises that wants are unlimited but a single want can be satisfied, goods are not perfect substitutes, and tastes do not change. Limitations of the law include its application to intoxicants, money, rare goods, and its inability to measure or estimate utility for all goods.
Cardinal utility
This document discusses the concept of utility in economics. It defines utility as the satisfaction received from consuming goods and services, and how utility can vary for different individuals and over time. It then describes how utility can be measured in cardinal units and the concepts of total utility and marginal utility. The document also discusses the law of diminishing marginal utility and provides examples to illustrate consumer equilibrium.
Consumer's equilibrium
Consumer equilibrium refers to a situation where a consumer spends their income on purchasing goods in a way that maximizes their satisfaction. It occurs where the marginal utility per rupee spent equals the price, or where the marginal rate of substitution between goods equals the ratio of their prices. This happens at the point where the budget line that shows all affordable combinations of goods is tangent to the highest possible indifference curve on the indifference map, representing the consumer's preferred combinations.
Consumer equilibrium and demand
This document discusses concepts related to consumer equilibrium and demand. It defines key terms like utility, marginal utility, total utility, and how they are related. The law of diminishing marginal utility and how it impacts demand is explained. Two approaches to modeling consumer equilibrium are presented: the utility approach and indifference curve approach. Consumer equilibrium conditions and assumptions are outlined for both single and multiple goods. Factors that determine demand, the law of demand, and exceptions are also summarized. Elasticity of demand and its measurement are briefly introduced.
Consumer surplus
1) Consumer surplus measures how much better off consumers are from purchasing goods that provide them utility, which is the difference between what consumers are willing to pay and the actual price they pay.
2) Consumer surplus can be measured for each unit purchased and is the total surplus from summing the surplus of each individual unit.
3) Graphically, consumer surplus is represented by the area above the price line and below the demand curve up to the quantity purchased. A lower price increases consumer surplus while a higher price decreases it.
Law of equi marginal utility
The law of equi-marginal utility states that consumers will allocate their limited income across different goods in a way that equalizes the marginal utility per rupee spent. Specifically, the traditional statement is that a consumer will spend their money such that the last rupee spent on each good yields equal satisfaction. Alternatively, the modern statement is that marginal utility divided by price will be equal across goods, allowing consumers to maximize total utility. This law assumes consumers can purchase multiple goods and aims to explain how consumers allocate resources to maximize satisfaction given budget constraints.
Elasticity Of Demand
Elasticity measures the extent to which demand changes in response to a change in price. There are different degrees of price elasticity including perfectly elastic, perfectly inelastic, unitary elastic, relatively elastic, and relatively inelastic demand. Cross elasticity and income elasticity also measure responsiveness of demand but to other factors like substitute goods and consumer income levels respectively. Methods for measuring price elasticity include the total expenditure method, percentage method, point method, arc elasticity, and revenue method.
Elasticity of demand
This document discusses the concept of elasticity of demand as introduced by Marshall. It defines elasticity of demand as the ratio of percentage change in quantity demanded to the percentage change in price. There are three types of elasticity: price, income, and cross elasticity. Factors that influence elasticity include the nature of the commodity, availability of substitutes, uses, ability to postpone demand, amount spent, time, and price range. Elasticity is important for price fixation, production, distribution, international trade, public finance, and nationalization decisions.
Law of demand and its exceptions
The document discusses the law of demand, which states that as the price of a product increases, quantity demanded decreases, and vice versa. It defines the law of demand and explains that it shows the inverse relationship between price and quantity on a demand curve graph. The demand curve is downward sloping, with price on the vertical axis and quantity on the horizontal axis, and it holds all other factors that influence demand constant.
indifference_curve
The document discusses consumer behavior theory and the concept of indifference curves. It introduces three approaches to analyzing consumer behavior: Marshallian, cardinal utility, and ordinal utility. It then defines utility, explores its features and concepts like total, marginal, and diminishing utility. The document also explains indifference curves and their properties, including convexity and non-intersection. It discusses the budget line and how consumers reach equilibrium when maximizing satisfaction given prices and income.
Law of diminishing marginal utility
This document discusses the law of diminishing marginal utility and indifference curves. The law of diminishing marginal utility states that as consumption of a good increases, the utility from each additional unit decreases, assuming tastes and other consumption remain constant. An indifference curve represents combinations of two goods that provide the same level of satisfaction or utility to a consumer. Indifference curves slope downward, are convex, and do not intersect, with higher curves representing greater satisfaction levels. Examples are provided to illustrate these concepts.
Utility
This document discusses the concept of utility in economics. It defines utility as the capacity of a good or service to satisfy human wants. The document outlines several key characteristics of utility, including that it is psychological, individual, relative, and cannot be objectively measured. It also discusses different types of utility related to production and consumption, including form utility, place utility, time utility, service utility, marginal utility, total utility, and average utility. The relationship between marginal utility and total utility is explored, noting that total utility is maximized when marginal utility reaches zero.
Consumer Equilibrium by Indifference Curve Analysis
This document provides an overview of consumer equilibrium through indifference curve analysis. It defines key concepts such as indifference curves, which represent combinations of goods that provide equal satisfaction to a consumer; indifference maps, which depict a consumer's complete preferences through a set of indifference curves; and budget lines, which show the combinations of two goods that can be purchased with a fixed income and prices. It explains that consumer equilibrium is reached at the point where the budget line is tangent to the highest attainable indifference curve, maximizing satisfaction within a limited budget.
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law of diminishing marginal utility
This document discusses the law of diminishing marginal utility. It defines utility as the satisfaction or benefit derived from consuming goods and services, which can be measured cardinally or ordinally. Total utility is the sum of utility from consuming multiple units of a good, while marginal utility is the change in total utility from consuming one additional unit. The law of diminishing marginal utility states that as consumption of a good increases, the marginal utility of each additional unit decreases, assuming other consumption stays constant. This is illustrated with an example showing that marginal utility declines as a person consumes more and more ice cream. There are assumptions and limitations to when this law holds true.
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Law of equi marginal utility
The document discusses the law of equi-marginal utility, which states that consumers will allocate their expenditures across goods in such a way that the marginal utility per rupee spent is equal for all goods. It assumes utilities are independent and the marginal utility of money is constant. The law allows consumers to maximize satisfaction under their budget constraint. The document provides an example of a consumer with Rs. 5 to spend on goods A and B, each priced at Rs. 1, and calculates the marginal utility for spending units of money on each good until the marginal utilities are equal.
Law of diminshing marginal utility
This document discusses the law of diminishing marginal utility. It defines utility, total utility, and marginal utility. The law of diminishing marginal utility states that as consumption of a good increases incrementally, the satisfaction from each additional unit decreases. This is shown through an example table where the marginal utility decreases as total consumption of glasses of water increases from 1 to 6. Graphs further illustrate how total utility increases at a decreasing rate while marginal utility diminishes with increasing consumption of a commodity.
Law of Diminishing Marginal Utility
The document discusses the law of diminishing marginal utility. It states that as consumption of a good increases, the marginal utility derived from additional units decreases. This is illustrated with an example of a thirsty person drinking glasses of water. The marginal utility is highest for the first glass and declines with each subsequent glass. A table and graph further demonstrate how marginal utility diminishes as consumption increases, reaching zero at the satiation point. The law has certain assumptions and limitations regarding factors like wealth, knowledge, and rare goods.
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The law of diminishing marginal utility states that as consumption of a good increases, the marginal utility from each additional unit decreases. Marginal utility refers to the additional satisfaction gained from consuming one more unit of a good. An example is provided of a thirsty man drinking glasses of water, where the utility declines with each additional glass. A table shows total utility and marginal utility decreasing as consumption increases from 1 to 6 glasses. The marginal utility curve slopes downward to illustrate this pattern of diminishing returns to scale. There are assumptions and exceptions to the law, and it has practical implications such as diversification of production and progressive taxation.
Law of diminishing marginal utility
This document discusses the law of diminishing marginal utility. It defines the law as stating that as a consumer consumes more of a commodity, the satisfaction derived from each additional unit decreases. The law is based on assumptions like consumption being continuous and utility being measurable. It is explained using an example where a person's utility from hamburgers decreases from 10 to 0 over 6 units. Diagrams are used to represent it. Applications include production, taxation, and household expenditure. Exceptions include rare collections, money, and liquor consumption where utility may not diminish. The conclusion restates that the law forms the basis of other economic principles.
BREAK-EVEN ANALYSIS
INTRODUCTION
A breakeven analysis is used to determine how much sales volume your business needs to start making a profit.
The breakeven analysis is especially useful when you're developing a pricing strategy, either as part of a marketing plan or a business plan.
In economics & business, specifically cost accounting, the break-even point (BEP) is the point at which cost or expenses and revenue are equal: there is no net loss or gain, and one has "broken even".
Total cost = Total revenue = B.E.P.
Break even analysis
This document discusses break-even analysis, which is used to determine the sales volume needed for a company to cover its total costs. It defines break-even as the point where total revenue equals total costs, with no profit or loss. The formula for calculating break-even point is provided as fixed costs divided by contribution per unit. Examples are given of calculating break-even points based on variable costs, fixed costs, and unit price. Advantages and limitations of break-even analysis are also summarized.
Break Even Analysis
A breakeven analysis is used to determine how much sales volume your business needs to start making a profit.
The breakeven analysis is especially useful when you're developing a pricing strategy, either as part of a marketing plan or a business plan.
Break Even Analysis
This document discusses break even analysis, which determines the sales volume needed for a business to make a profit. It explains that break even analysis helps managers make informed decisions about new products, equipment, and pricing. The document provides the algebraic formula for calculating break even point and illustrates break even analysis for a company called Surf. Examples are given of Rajiv Gandhi Setu bridge, which fell short of its break even daily collection target, and Jumbo King Vada Pav restaurants, which achieved success and sustained profits through strategic franchise expansion near railway stations.
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Law of diminishing marginal utility
The document discusses the law of diminishing marginal utility. It states that as consumption of a good increases, the marginal utility from additional units decreases. It provides an example of drinking glasses of water to illustrate this concept. The law is based on assumptions like constant marginal utility of money and rational consumer behavior. Exceptions include rare goods and intoxicating substances. The law is important for understanding concepts like demand, consumer surplus, and progressive taxation.
Law of diminishing marginal utility
The document discusses the law of diminishing marginal utility. It states that as consumption of a good increases, the marginal utility from additional units decreases. It provides an example of drinking glasses of water to illustrate this concept. The law is based on assumptions like constant marginal utility of money and rational consumer behavior. Exceptions include rare goods and intoxicating substances. The law is important for understanding concepts like demand, consumer surplus, and progressive taxation.
law of diminishing marginal returns
The document discusses the law of diminishing marginal utility. It explains that as consumption of a good increases incrementally, the additional utility from each further unit decreases. It provides an example of a thirsty man drinking glasses of water to illustrate how marginal utility declines with successive units. A table shows total utility increasing but marginal utility decreasing as consumption rises from the first to sixth glass of water. The law assumes rational consumption aims to maximize utility subject to income constraints.
Law of diminishing marginal utility
1. Utility theory includes the law of diminishing marginal utility and the law of equi-marginal utility. The law of diminishing marginal utility states that the marginal utility of consuming successive units of a good decreases as consumption increases.
2. Marginal utility refers to the satisfaction gained from consuming an additional unit of a good. It decreases with increasing consumption as wants are satisfied. The total utility initially increases with consumption but eventually reaches a point where marginal utility is zero and additional units provide no added satisfaction.
3. An example of diminishing marginal utility is drinking water when thirsty. The first glass provides the most satisfaction while additional glasses provide less satisfaction until the point where more water would provide disutility rather than
utility cardinal theory in economics.ppt
The document discusses the concept of utility in economics. It defines utility as the satisfaction derived by a consumer from consuming a good or service. It then discusses:
1) The law of diminishing marginal utility, which states that as a consumer consumes more of a good, the marginal utility of each additional unit decreases.
2) The different types of utility - total utility, marginal utility, initial utility, zero utility, and negative utility. It provides an example to illustrate these concepts.
3) The characteristics, classifications, and types of utility, including form utility, place utility, time utility, and service utility. It also discusses the cardinal and ordinal approaches to measuring utility.
Law of diminishing marginal utility
Definition of the Law:
"Other things remaining the same when a person takes successive units of a commodity, the marginal utility diminishes constantly".
The marginal utility of a commodity diminishes at the consumer gets larger quantities of it.
According to Samuelson, “As the amount consumed of a good increases, the marginal utility of the good tends to decrease.”
Total Utility: Total utility refers to the entire amount of satisfaction obtained from consuming various quantities of a commodity.
Marginal Utility: Marginal utility is the addition made to total utility by consuming one more unit of commodity
The consumer who is consuming the goods should be knowledgeable to consume every unit of goods.
The goods which are to be consumed should be equal in size and shape.
Consumer should consume the goods without time gap.
The consumer’s income, preference, taste and fashion should not be changed while consuming the goods.
utility should be measured in countable units or cardinal numbers.
As we know that money is the measuring rod of utility, being so, marginal utility of money should remain constant during consumption of the goods
income of the consumer and the price of goods and services remains unchanged during the period of consumption
The consumer who is consuming the goods should be knowledgeable to consume every unit of goods.
The goods which are to be consumed should be equal in size and shape.
Consumer should consume the goods without time gap.
The consumer’s income, preference, taste and fashion should not be changed while consuming the goods.
utility should be measured in countable units or cardinal numbers.
As we know that money is the measuring rod of utility, being so, marginal utility of money should remain constant during consumption of the goods
income of the consumer and the price of goods and services remains unchanged during the period of consumption
Dmu
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.
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This document discusses key concepts in consumer theory, including utility, cardinal and ordinal utility, marginal utility, total utility, the law of diminishing marginal utility, and the law of equi-marginal utility. Utility refers to the satisfaction derived from consuming a good and is subjective in nature. The law of diminishing marginal utility states that the marginal utility derived from additional units of consumption decreases as consumption increases. The law of equi-marginal utility holds that consumers allocate their budget in a way that equalizes the marginal utility across goods consumed to maximize total utility.
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Group A members for the consumer behaviour project are Amana Shahid and Zahra Jamshaid. The document discusses the cardinal approach to consumer behavior, which aims to quantify utility. It defines key concepts like total utility, marginal utility, and the laws of diminishing marginal utility and equi-marginal utility. An example is given to illustrate how the marginal utility of consuming successive units of a good like water decreases as consumption increases.
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1. Consumer behavior involves how individuals make purchase decisions to satisfy needs and wants given limited resources. A consumer aims to maximize utility or satisfaction from consuming goods.
2. The budget constraint, also known as the budget line, shows the maximum combination of goods a consumer can purchase given prices and income. It represents the trade-offs or opportunity costs faced by consumers.
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The document discusses several economic concepts related to types of goods and consumer preferences. It defines inferior, normal, and superior goods based on how demand changes with income. It also discusses Giffen goods, Veblen goods, luxury goods, and complementary goods. The document then explains the law of diminishing marginal utility and how marginal utility decreases as consumption of a good increases. It provides an example table and graph to illustrate this concept. Finally, it discusses the law of equi-marginal utility and how consumers allocate their budget to maximize total utility.
LAW OF DEMINISHING MARGINAL UTILI.pdf
The document discusses the law of diminishing marginal utility. It begins by defining marginal utility as the satisfaction gained from consuming incremental units of a good or service. It then explains that as consumption increases, the marginal utility of each additional unit decreases. An example is given of drinking glasses of water, where the first glass provides the most satisfaction but each subsequent glass provides less utility as thirst is satisfied. A table and graph further illustrate how marginal utility declines with increasing consumption. The document outlines some key assumptions and limitations of the law.
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1. Marginal utility analysis assumes that utility can be measured and that utilities of different commodities are independent. It also assumes the marginal utility of money remains constant.
2. The law of diminishing marginal utility states that the marginal utility of a good decreases with each additional unit consumed.
3. The law of equi-marginal utility states that a consumer achieves maximum satisfaction when the marginal utilities of goods are equal, such that a consumer will substitute goods until their marginal utilities are equal.
Lecture5
This document summarizes key concepts in consumer behavior and utility analysis:
- It outlines consumer behavior, total utility, marginal utility, and cardinal and ordinal utility analysis.
- It explains the law of diminishing marginal utility using an example schedule. As consumption increases, marginal utility decreases while total utility initially increases but at a decreasing rate.
- It also explains the law of equi-marginal utility, which states that total utility is maximized when the marginal utility per unit of expenditure is equal across goods, given a consumer's budget. An example schedule demonstrates this.
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This document discusses the law of diminishing marginal utility. It defines the law as when a good is continuously consumed, the marginal utility gradually decreases until it reaches zero. The law states that the additional utility a person derives from increasing their stock of a commodity diminishes with each additional unit. The document provides assumptions of the law and uses an example of drinking glasses of water to illustrate how total utility increases but marginal utility decreases with each additional unit consumed. It notes exceptions to the law, such as money, knowledge, liquor/drugs, hobbies, and fashion, where marginal utility does not necessarily decrease.
Marg util powerpoint
This document summarizes key concepts related to marginal utility and consumer choice. It defines marginal utility as the additional satisfaction gained from consuming one more unit of a good. The law of diminishing marginal utility states that marginal utility declines as consumption increases. A rational consumer seeks to maximize total utility by equalizing the marginal utility per dollar spent (MU/P ratio) on each good. When price decreases, quantity demanded increases as MU/P rises. The marginal utility approach explains consumer demand and the creation of consumer surplus from market transactions. While exact comparisons of utility across individuals are not possible, approximate comparisons are necessary to evaluate some economic policies.
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This document provides information about consumer behavior and demand analysis. It defines key concepts like utility, total utility, marginal utility, law of diminishing marginal utility, and law of equi-marginal utility. It explains how consumers aim to maximize total utility given budget constraints. Indifference curves and marginal rate of substitution are introduced to graphically represent consumer preferences. Consumer equilibrium occurs where the budget line is tangent to the highest indifference curve, allowing consumers to obtain maximum satisfaction from their income.
Bba 1 be 1 u-3 consumer behavior and demand analysis
This document provides information about consumer behavior and demand analysis. It defines key concepts like utility, total utility, marginal utility, indifference curves, and consumer equilibrium. Utility refers to the satisfaction received from consuming goods and services. The law of diminishing marginal utility states that utility from successive units of consumption declines. Indifference curves represent combinations of goods that provide equal utility to the consumer. Consumer equilibrium occurs where the budget line is tangent to the highest indifference curve, allowing maximum satisfaction from the consumer's income.
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This document discusses the concepts of utility, total utility, and marginal utility. It defines utility as the satisfaction derived from consuming goods and services, and explains that utility can be measured cardinally or ordinally. Total utility is the satisfaction from consuming multiple units of a good, while marginal utility is the change in total utility from an additional unit. The document presents examples to illustrate these concepts and the law of diminishing marginal utility, which states that the satisfaction from each additional unit consumed declines. There are some exceptions to this law under certain conditions.
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Bba 1 be 1 u-3 consumer behavior and demand analysis
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Law of diminishing marginal utility
- 1. 110/14/2016
- 2. Utility is a measure of satisfaction, referring to the total satisfaction received by a consumer from consuming a good or service Utility measures the want- satisfying power of a good or service(usefulness) Introduction 210/14/2016
- 3. Marginality The term marginal refers to a small change, starting from some baseline level. Marginal utility is the additional or incremental satisfaction (utility) a consumer receives from acquiring one additional unit of a product. 3 10/14/2016
- 4. Marginal utility = The addition made to the total utility by the addition of consumption of one Or more unit of a commodity. 410/14/2016
- 5. The law of diminishing marginal utility states that ‘as a consumer consumes more and more units of a specific commodity, utility from the successive units goes on diminishing’. • Mr. H. Gossen, a German economist, was the first to explain this Law in 1854. • Alfred Marshall later on restated this Law as follows: “The additional benefit which a person derives from an increase of his stock of a thing diminishes with every increase in the stock that he already has”. Definition of Law of Diminishing Marginal Utility5 10/14/2016
- 6. Law based upon three facts: The law of diminishing utility is based upon three facts. • Firstly The wants of a man are unlimited but single want can be satisfied. As a man gets more and more units of a commodity, the desire of his want for that good goes on falling. A point is reached when the consumer no longer wants any more units of that good, • Secondly Different goods are not perfect substitutes for each other in the satisfaction of various particular wants. • Thirdly There is no change in the tastes of the consumers. 610/14/2016
- 7. • Explanation and Example of Law of Diminishing Marginal Utility: • Suppose, a man is very thirsty. He goes to the market and buys one glass of sweet water. The glass of water gives him immense pleasure or we say the first glass of water has great utility for him. • If he takes second glass of water after that, the utility will be less than that of the first one • If he drinks 3rd glass of water the utility declines again and so on…. 710/14/2016
- 8. Units Total Utility Marginal Utility 1st glass 20 20 2nd glass 32 12 3rd glass 40 8 4th glass 42 2 5th glass 42 0 6th glass 39 -3 Schedule of Law of Diminishing Marginal Utility From the above table, it is clear that in a given span of time, the first glass of water to a thirsty man gives 20 units of utility. When he takes second glass of water, the marginal utility goes on down to 12 units; When he consumes fifth glass of water, the marginal utility drops down to zero and if the consumption of water is forced further from this point, the utility changes into disutility (-3). 810/14/2016
- 9. Curve/Diagram of Law of Diminishing Marginal Utility: In the figure (2.2), along OX we measure units of a commodity consumed and along OY is shown the marginal utility derived from them. The marginal utility of the first glass of water is called initial utility. It is equal to 20 units. The MU of the 5th glass of water is zero. It is called satiety point. The MU of the 6th glass of water is negative (-3). The MU curve here lies below the OX axis. The utility curve MM/ falls left from left down to the right showing that the marginal utility of the success units of glasses of water is falling. 9 10/14/2016
- 10. 1010/14/2016
- 11. Law of Diminishing MU Notes about the Law of Diminishing MU • Time period must be specified for law. • Law tells us that eventually the marginal utility curve will be downward sloping. • Law tells us that eventually the total utility curve will become “flatter.” • Slope of the total utility curve is equal to marginal utility 1110/14/2016
- 12. Assumptions of Law of Diminishing Marginal Utility • The law is true under certain assumptions as follows: • (i) Rationality: The consumer aims at maximization of utility subject to availability of his income. • (ii) Constant marginal utility of money: The marginal utility of money based for purchasing goods remains constant. • (iii) Diminishing marginal utility: The utility gained from the successive units of a commodity diminishes in a given time period. • (iv)Utility is additive: The utilities of different commodities are independent. 1210/14/2016
- 13. • (v) Consumption to be continuous • (vi) Suitable Reasonable quantity: If the units are too small, then the marginal utility instead of falling may increase up to a few units. • (vii) Character of the consumer does not change. • (viii) No change to fashion, Customs and Tastes. • (ix) No change in the price of the commodity. 1310/14/2016
- 14. Law of Diminishing Marginal Utility Though wants of an individual are unlimited in number yet each individual want is satiable. Because of this, the more we have a commodity, the less we want to have more of it. This law state that as the amount consumed of a commodity increases, the utility derived by the consumer from the additional units, i.e marginal utility goes on decreasing. According to Marshall, “The additional benefit a person derives from a given increase of his stock of a thing diminishes with every increase in the stock that he already has” 1410/14/2016
- 15. Limitations/Exceptions of Law of Diminishing Marginal Utility (i) Case of intoxicants: The more a person drinks liquor, the more s/he likes it. (ii) Rare collection: If there are only two diamonds in the world, the possession of 2nd diamond will push up the marginal utility. (iii) Application to money: It is true that more money the man has, the greedily he is to get additional units of it. However, the truth is that the marginal utility of money declines with richness but never falls to zero. 1510/14/2016
- 17. 1710/14/2016
Editor's Notes
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