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Theory Of Consumer Behaviour

Question

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When does a good is called 'Normal Good'?

Solution

If the income effect of a commodity is positive and price effect is negative, it is called 'Normal Good'.

Some More Questions From Theory Of Consumer Behaviour Chapter

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?

What is demand schedule?

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