Cardinalist theory - Study guides, Class notes & Summaries
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Cardinalist theory explained
- Summary • 24 pages • 2021
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CARDINALIST THEORY:
Cardinal utility theory
Concept of utility
Marginal utility
Assumptions (axiom) made under cardinal approach
Derivation of the equilibrium condition for the consumer
Derivation of the demand curve for the consumer
Critique of the cardinal approach
Summary
Cardinalist theory explained
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CARDINALIST THEORY: Cardinal utility theory Concept of utility Marginal utility Assumptions (axiom) made under cardinal approach Derivation of the equilibrium condition for the consumer Derivation of the demand curve for the consumer Critique of the cardinal approach
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