In the utility approachexplains.

(a) Hicks & Allen, Consumer Behaviour (b) Alfred Marshall, Law of diminishing marginal utility (c) Alfred Marshall, Law of Equi Marginal Utility (d) Both (a) & (b).

Nisha
22 May
6 Answers

6 Answers

- AT
  
  Ameya
- 02 Mar
In the utility approach, Alfred marshall explains the Law of Diminishing Marginal Utility. This concept states when consumption increases, the marginal utility derived from each additional unit declines.
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priti

priti

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  Sriram
- 26 Nov
B
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priti

priti

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  Anisha
- 12 May
b
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hiran

simran

priti

saishwari

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girish

hiran

simran

priti

saishwari

soumayta

girish

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- Shruti
- 27 Mar
In Marshall's theory, the concept of utility is cardinal. The price that a consumer is willing to pay for a good is an indication of the utility of that good to the consumer. Total utility is the sum of the utility, which a consumer derives from the consumption of the different units of a good.
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girish

kavisha

priti

sriram

nisha

girish

kavisha

priti

sriram

nisha

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In the utility approachexplains.