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Theory of Consumer Behaviour
Through the study of theory of consumer behaviour we can be able to explain why consumers buy more at a lower price than at a higher price or put differently why individuals or households spend their money as they do. We shall assume that the consumer is rational and aims at maximising his satisfaction, so given his income he consumes that basket of goods and services which produces maximum satisfaction. Two major theories explain the behaviour of the consumer, neither presents a totally complete picture. The first approach is the marginal utility, or cardinalist approach. The second approach centres on the indifference curve analysis or the ordinalist approach.
Determine The scope of managerial economics The scope of managerial economics involves following subjects: 1. Theory of demand 2. Theory of production 3. Theory of
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Ask questiHow does economic theory contribute to managerial decisions? on #Minimum 100 words accepted#
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