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Which is a dimension or assumption of the marginal-utility theory of consumer behavior?
The consumer has a small income.
What are the criticisms of marshall's utility theory?
Some criticisms of Marshall's utility theory include its reliance on the subjective nature of utility, the assumption of rational decision-making by individuals, and the lack of consideration for societal influences on preferences and choices. Additionally, critics argue that the theory's focus on individual utility maximization may not accurately capture the complexity of human behavior and decision-making.
Expain law of equi marginal utility or law of substitution with graph and its assumption?
law of equi marginal theory by suhail bba part 1salu
Assumption of cardinal utility?
consumers seek to maxmum
Classical utility theory?
Classical utility theory is satisfying needs and wants. It is an important concept in the economics and game theory.
'what is the assumptions of economics by Alfred marshall'?
Alfred marshall made a heroic assumption of 'cetris paribus' which means other things being equal/constant in economics. This assumption he used for the theories he put forth viz. theory of demand,theory of supply,theory of diminishing marginal utility,etc. Most of his theories come under the sub field- micro economics. The assumption of cetris paribus is the main, there are many others for each law besides cetris paribus.
How would you answer someone who says that marginal utility theory is useless because utility cannot be observed?
How would you answer if someone says that “marginal utility theory is useless because utility cannot be observed”?
What are the Limitations of cardinal utility?
give the limitations of cardinal utility theory
What is basic assumption of game theory?
T
Which theory of congressional behavior is based on the assumption that members want to get reelected?
Ambition Theory.
An assumption based on limited information or knowledge?
theory
What is different between theory and a hypothisis?
Hypothesis is an assumption. If approved by scientific methods, they can become theories. Therefore, hypothesis is under theory - hypothesis is usually a mathematic assumption.
