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THEORY OF CONSUMER BEHAVIOR:
It is generally observed that market aggregate demand curve for a commodity is downward sloping, given other things. Our problem is to investigate economic rationality behind this for a commodity of all individual consumers. The market demand basically depends on the characteristics of demand for a commodity by individual consumers, and the demand for a commodity of an individual consumer depends upon the behaviour of the consumer. Clearly, to investigate economic rationality behind the law of demand, we shall start with the analysis of consumer behaviour.
There are different approaches to analyse the consumer behaviour. But in all approaches, it is assumed that the consumer is rational. This means that the consumer's objective is to maximise her utility by choosing one commodity bundle from among all the commodity bundles (money income and the prices of the commodities are given to the consumer).
assumption of mariss model
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Using commodities as an example, explain the factors influencing the PES for such goods. The basic determinants of PES are time span included and the availability of producer s
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A surplus on the current account of balance of payments can be financed by? 1. Inflow capital on capital account 2. A surplus on the government budget deficit 3. lending abroad on
State the example of price and price level Create a basket which contains all the goods sold by a specific store on a specific day. Price of this basket is then a price level -
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aid of production possibilty curve
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