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Theory Of Consumer Behaviour

Question

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What is meant by monotonic preference in the Indifference Curve Approach?

Solution

Hint. When between any two bundles (x₁, x₂) and (y₁, y₂), if (x₁, x₂) has more of at least one of the goods and no less of the other good as compared to (y₁, y₂), the consumer prefers (x₁, y₂) to (y₁, y₂), it is called monotonic preference.

Some More Questions From Theory Of Consumer Behaviour Chapter

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?

Why does demand curve slope downwards?

Differentiate between substitute and complementary goods.

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