Rational consumer - PowerPoint PPT Presentation

NEOCLASSICAL

NEOCLASSICAL. Marginalist was slowly transformed into Neoclassical economics. 3 differences between early marginalist and neoclassical:. Marginalist stress on demand but neoclassical stress on both demand and supply in determining market prices of goods, services and resources.

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870 views • 39 slides

Microeconomics topic 2

Microeconomics topic 2. Economics 2013-14. DEMAND. UTILITY. Consumers get satisfaction from goods and services. In economics this is called UTILITY . Three ways to measure utility are: How people react when consuming How much of the product they consume

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512 views • 36 slides

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