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Unformatted text preview: CONSUMER BEHAVIOR & INDIVIDUAL DEMAND Approaches: 1. Utility Approach – satisfaction that a consumer receives from whatever goods & services he consumes 2. Indifference Curve Approach Classification of Utility: 1. Cardinal Utility – utility assumed to be measurable in principle 2. Ordinal Utility – utility is in order of preference Macroeconomics...
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- Spring '10
- Microeconomics, utili ty, Cardinal Utili, Ordinal Utili ty