Utility ch 2 1

Utility ,[object Object],[object Object],[object Object]

Features ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Can utility be measured? ,[object Object],[object Object],[object Object],[object Object]

Concepts of utility ,[object Object],[object Object],[object Object]

Contd.. ,[object Object],[object Object],[object Object],[object Object]

Contd.. ,[object Object],[object Object]

Relation between TU & MU Quantity TU MU Description 0 0 -- 1 8 8 Initial 2 14 6 3 18 4 Positive 4 20 2 5 20 0 Zero 6 18 -2 Negative

Laws of Utility Analysis ,[object Object],[object Object]

Law of Diminishing Marginal Utility ,[object Object],[object Object]

Contd... ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Contd.. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Exceptions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Limitations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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