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CPT Chapter Theory of Consumer Behaviour
With Bharat Galani.Duration:3hrs 20min
| Theory of consumer behaviour | Duration (min:sec) |
| Theory of consumer behaviour | |
| Introduction to Theory of consumer behaviour | 02:39 |
| What is Utility | 04:33 |
| Two Theories( Cardinal & Ordinal) | 03:32 |
| Summary | 02:02 |
| Marginal Utility | |
| Marginal Utility Introduction | 01:38 |
| Marginal Utility Analysis | 09:42 |
| Assumption of Marginal Utility Analysis | 02:23 |
| Law of Diminishing Marginal Utility | 14:25 |
| TU MU Curve | 06:25 |
| Marginal Utility Key points | 03:47 |
| Limitations of the law of DMU | 05:39 |
| Summary | 01:56 |
| Law of Equi Marginal Utility | 14:49 |
| Consumer Surplus | 20:27 |
| Limitation of Consumer Surplus | 06:35 |
| Quiz | 08:19 |
| Summary Marginal Utility | 12:52 |
| Consumer Equilibrium | |
| Indifference Curve | 07:53 |
| Definition of IC | 02:35 |
| Indifference Map | 03:12 |
| What is Marginal rate of substitution? | 07:36 |
| Properties of IC Curves | 14:44 |
| IC Perfect Substitutes & Complimentary | 08:57 |
| Budget Line | 06:12 |
| Consumer Equilibrium | 11:57 |
| Quiz | 10:38 |
| Summary | 04:07 |
| Total | 3:19:34 |
Notes
Index
What is Theory of Consumer Behaviour?
Utility analysis
1. Marginal Utility Analysis (Cardinal)
-Law of Diminishing Marginal Utility
-Law of Equi Marginal Utility
2. Consumer Surplus
3. Indifference Curve Analysis (Ordinal)
-Indifference Curves & Budget Line
-Consumer Equilibrium
Utility
Want satisfying power of a commodity
Subjective
Not same as usefulness
Ethically neutral
Anticipated satisfaction
Marginal Utility
I. Law of Diminishing Marginal Utility
Proposition
Assumptions
MU & TU
Schedule & Graphical Representation
limitations
II.Law of Equi Marginal Utility
III.Consumer Surplus
Assumption of Marginal Utility Analysis
Cardinal Measurement of Utility
Constancy of Marginal Utility of Money
Hypothesis of Independent Utility
Limitations of Law of Diminishing Marginal Utility
Homogenous goods
Standard units of consumption
Continuous consumption
Fails in case of Prestigious goods
Case of Related goods
Indifference Curve Analysis
Hicks & Allen
Ordinal
Iso-Utility Curve
Assumptions
Consumer rational & full information
Consumer capable of ranking
Consistent consumption pattern
Summary Properties of IC
Slopes downward to the right
Convex to the origin
Never intersect each other
Higher IC represents a higher level of satisfaction than the lower IC
Will not touch either axis
CPT Exam Exposure
Law of Demand and Elasticity of Demand
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