In the utility approach________explains________.
(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
6 Answers
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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.1Modal content
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b7Modal content
- hiran
- simran
- priti
- saishwari
- soumayta
- girish
- hiran
- simran
- priti
- saishwari
- soumayta
- girish
- No Down Vote
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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.4Modal content
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