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Theory Of Consumer Behaviour

Question

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Which of these is not a factor affecting the elasticity of demand:

Nature of Goods

Number of users of the commodity

Availability of substitute goods

Quantity of the commodity demanded

Solution

D.

Quantity of the commodity demanded

Some More Questions From Theory Of Consumer Behaviour Chapter

Starting from an initial situation of consumer's equilibrium, suppose that marginal utility of a rupee increases. Will it increase or decrease the quantity demanded of the product?

What are two approaches to attain the state of consumer's equilibrium?

Define indifference curve.

What is meant by marginal rate of substitution (MRS)?

Why is MRS always diminishing?

When does a consumer attain equilibrium according to indifference curve approach?

Give meaning of demand.

Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

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