Indifference Curve Approach:
Marshall’s demand analysis depends on the cardinal measurement of utility. The approach is criticized for two main reasons:
(i) Utility is a psychological occurrence and(ii) It can’t be measured. Therefore, the indifference curve approach depend on ordinal ranking preference was evolved. Vilfred Pareto, Wicksteed & Slutsky developed this approach. Two noted English economists Professor J.R. Hicks and Professor Allen offered a refined version of indifference curve approach. According to Hicks and Allen, utility can’t be measured. It can only be ordered or ranked. The consumer can rank his preference without difficulty and state which is enhanced than the other.
The concept of scale of preference has been elucidated by indifference curve. The indifference curve exhibits various combinations of two commodities that provide the consumer an equivalent satisfaction.Definition:
An indifference curve is the locus of various combinations of two commodities providing the similar level of satisfaction.Assumptions of indifference curve analysis:
1. The consumer is rational. Therefore, he prefers more goods to fewer goods.2. He bought two goods, X & Y only.3. The price which a consumer pays for a commodity points out the level of utility derived by him.4. His income stays constant.5. His preferences, tastes, habits stay unchanged.
Latest technology based Economics Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Theory of Consumer Behavior help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Theory of Consumer Behavior, project ideas and tutorials. We provide email based Theory of Consumer Behavior help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Theory of Consumer Behavior. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Economics Homework help and assignment help services. They use their experience, as they have solved thousands of Economics assignments, which may help you to solve your complex issues of Theory of Consumer Behavior. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
tutorsglobe.com scanning electron microscope assignment help-homework help by online light and electron microscope tutors
tutorsglobe.com debt securitization assignment help-homework help by online source of finance tutors
tutorsglobe.com hydroponics assignment help-homework help by online functions of minerals tutors
www.tutorsglobe.com offers Program Quality Quantification homework help, assignment help, case study, writing homework help, online tutoring assistance by computer science tutors.
www.tutorsglobe.com offers Design Fundamentals homework help, assignment help, case study, writing homework help, online tutoring assistance by computer science tutors.
tutorsglobe.com equi-marginal utility assignment help-homework help by online significance of necessaries tutors
Theory and lecture notes of Understanding the Growth Model all along with the key concepts of understanding the growth model, growing economy, Growth of Capital per Worker, Capital-Output Ratio, Steady State Growth Path. Tutorsglobe offers assignment help and tutor’s assistance on Understanding the Growth Model.
buoyancy-archimedes principle tutorial all along with the key concepts of concepts of buoyancy, archimedes' principle, relative density, application of archimedes' principle, law of floatation
tutorsglobe.com treatment of diseases assignment help-homework help by online vibrio tutors
Monosaccharides tutorial all along with the key concepts of Structure of glucose, Projection and perspective formulas, Fischer's projection, Measurement of optical activity and Haworth's projection formula
tutorsglobe.com the visual pathway assignment help-homework help by online receptor organs tutors
tutorsglobe.com revenue and capital budget assignment help-homework help by online budget tutors
Theory and lecture notes of Correlation all along with the key concepts of Correlation, Sum of Squares, Pearson's Correlation Coefficient, Hypothesis Testing, Hypothesis Testing Revisited and Causation. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Correlation.
Theory and lecture notes of What to do when Deadlock is detected all along with the key concepts of what to do when deadlock is detected, deadlock detection. Tutorsglobe offers homework help, assignment help and tutor’s assistance on What to do when Deadlock is detected.
Modern Physics tutorial all along with the key concepts of Photon and the Atom, Bohr Atom, X-rays, X-ray Spectra, X-ray Tube, Nature and Properties of X-rays and Uses of X-rays
1947355
Questions Asked
3689
Tutors
1441833
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!