NTA-NET (UGC-NET) Economics & Development (01) Micro-Economic Analysis-Demand Analysis Study Material (Page 1 of 7)
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Marshallian Analysis
Marshallian Analysis
- This the classical approach of consumer demand theory.
- It is called cardinal utility approach. In this approach utility is measured in hypothetical units called as utils.
- Total utility is the utility obtained from the consumption of all or some units of a good together. Marginal utility is the addition made to total utility by having an additional unit commodity.
Consumer Equilibrium
Single Commodity Case
This analysis assumes two things
- C…
… (426 more equations, 4 figures) …
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Economic Problems
Economic Problems
The basic economic activities are:
- Production
- Consumption
- Distribution (Exchange)
In every society, the problem of choice is due to the scarcity of resources.
This scarcity of resources arises due to three central problems:
- What to produce?
- How to produce?
- For whom to produce?
What to Produce? How Much to Produce?
- An economy has to decide, what commodity is to be produced and in what quantity.
- A producer must identify the quantity of demand in the market.
- He has to decide, whether to produce food, clothing, or any luxurious goods; or agricultural good…
… (120 more equations, 13 figures) …
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