Name the basic approaches to consumer behaviour?

1.	Name the basic approaches to consumer behaviour?
Answer» There are two basic approaches, namely: 1. Utility approach 1. The utility approach involves the use of measurable (cardinal) utility to study consumer behaviour. 2. Marshall is the chief exponent of the utility approach to the theory of demand. It is known cardinal utility analysis or marginal utility analysis or marshallian utility analysis. 2. Indifference curve approach: The indifference curve approach was the idea of comparable utility [ordinal utility] J.R. Hicks and R.G.D. Allen introduced the indifference curve approach.

Answer»

There are two basic approaches, namely:

1. Utility approach

1. The utility approach involves the use of measurable (cardinal) utility to study consumer behaviour.

2. Marshall is the chief exponent of the utility approach to the theory of demand. It is known cardinal utility analysis or marginal utility analysis or marshallian utility analysis.

2. Indifference curve approach: The indifference curve approach was the idea of comparable utility [ordinal utility] J.R. Hicks and R.G.D. Allen introduced the indifference curve approach.

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