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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?


Rise in marginal utility of a rupee will decrease consumer's quantity demanded of the product.
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Define indifference curve.

What is demand function? State a consumer's demand function.

Distinguish between 'Change in demand' and 'Change in quantity demanded of a commodity'. 

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

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