#51
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2006 ka economics paper is not available....where to get it from
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#52
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there is a css optional subject past paper book is available published by doggars group you will get uptodate papers there
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Feelings change - memories don't. |
#53
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THEORY OF CONSUMER BEHAVIOUR
INTRODUCTION: consumer is that economic agent around which all economic activities revolve FUNDAMENTAL ECO PROBLEM:SCARCITY OF RESOURCES & unlimited wants,with limited income and he want to maximise his utility within his limited incomE ASSUMPTION OF CONSUMER BERHAVIOUR 1.RATIONALITY ,2.COMPLETE INFORMATION, 3. AXIOM OF CONSISTENCY ,4. AXIOM OF TRANSITITVITY APPROACHES TO MEAR UTILITY two basic approaches to measure 1. CARDINAL APPROACH 2. ORDINAL APPROACH (I.C APPROACH, REVEALED PREFERENCE APPROACH) CARDINAL APPROACH According to them utility is measuable in units ASSUMPTIONS 1.RATIONALITY,2.UTILITY IS CARDINAL,3.MU IS CONTANT,4.DMU HOLD.5.TU DEPENDS UPON THE QUANTITIES CONSUMED CONSUMER EQUILIBRIUM Lets assume a person is consuming a comodity x and the quantity is qx with market price px,&he derive utility U TU=U TOTAL EXPENDITURE=qx.px TO MINIMISE UTILITY here consumer will enjoy utility if he maximize the difference between TU &TOTAL EXPENDITUREOBJECTIVE OF CONSUMER IS OBJECT FUNCTION=U-qxpx foc of utility maximization is i.e take fist order derivative =0 CHOICE VARIABLE :qx du/dqx-dqxpx/dqx=0 MUqx=MUX= du/dqx-px(dqx/dqx)=0 MUx-px=0 MUx=PX BENIFIT=COST IF THE ADDITIONAL MUx is equal to benifits then the consumer is in eqbm
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#54
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DERIVE THE DEMND CURVE
Consumer behaviour is reflected by the demand curve ,we will apply the law of DMU & FOC of eqbm GRAPHIC REPRESENTATION ( I HAVE MAILED) CRITICISM: 1.UTILITY CANNOT BE MEASURED 2.MU of money is not constant 3.axiom of DMU is jst an interospection
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Feelings change - memories don't. |
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#55
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ORDINAL APPROACH
Utiliy is not measurable but consumer can rank his performancesi.e in qualitative way ASSUMPTIONS: 1.rationality 2.utility can be rankd 3. law of dmrsx,y hold 4.TU=F(.......) ORDINAL APPROCHE give two approches 1.I.C approach 2.revealed prefrence theorey INDIFERENCE CURVE APPROACH(I.C) three basic tool of this approach a.I.C curve b.slope of I.C c.budget line (B.L) I.C it shows the differenent combination of the commodities (x,y) which provide equal level of satisfactionto the consumer graphic presentaion of IC PROPERTIES OF I.C 1.I.C IS NEGATIVELY SLOPED 2.I.C CAN NEVR INTERSECT 3.I.C IS CONVEX TO THE ORIGIN 4.HIGHER I.C SHOWS HIGHER LEVEL OF SATISFACTION SLOPE OF I.C I.C slope simply shows the marginal rate of change in the combination of x & y for e.g if we to increase unit of x,how many units of comodity y you have to forgive/sacrifice rate of change between a and b point on graph=vertical difference /horizontal difference i.e dy/dx MRSxy=MUx/MUy=-dy/dx the negative sign represent negative slope BUDGET LINE B.L is a limit that income places on the consumer choices y=pxqx+pyqy income=total expenditure on good x+total expenditure on good y SLOPE OF B.L IT IS THE RATIO OF THE TWO COMMODITIES i.e y/py/y/px=px/py it is the negative sloped [U]DERIVATION OF THE EQBM OF THE CONSUMER[/U the consumer will be in eqbm when he maximise his utility ,given his income & yhe market price TWO CONDITIONS THAT MUST BE FILLED 1.MRSx,y= MUx/MUy=px/py (necessary condition) 2.I.C be convex to the origin (this condition is filled by axiom of DMRSx,
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Feelings change - memories don't. |
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#56
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plz further guide........ em feeling damn difficulty in preparing economics.......no background as such strong in eco. but i opt it wanna stick to it.. people follow proper way of preparing subjects i wanna know thhat in eco...
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#57
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Quote:
Read and Follow Forum Rules and Policies
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#58
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I want to know the that as for starting CSS preparation one should read the whole books?????
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