NTA-NET (UGC-NET) Economics & Development (01) Micro-Economic Analysis-Demand Analysis Study Material (Page 1 of 7)

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Marshallian Analysis

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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

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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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