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Current Category » Introduction to Agriculture Economics

Utility Analysis

Two techniques are used in the analysis of consumer’s behavior.

  1. Utility analysis: Marshallian or cardinal approach.

  2. Indifference curve technique: Modern of ordinal approach.

Here the utility analysis (Marshallian approach) has been discussed. In view of this two laws. Law a Diminishing Marginal Utility (DMU) and law of Equimarginal Utility (EMU) have been explained in next topics.

Current Category » Introduction to Agriculture Economics