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Consumer Behavior
Rational Consumer-Axiom of Utility Maximization Comparison of various baskets of goods
Two basic approaches to comparison of utilitiesCardinal and Ordinal Cardinal School-Utility can be measured-either in terms of money or in terms of a unit termed as Utils. Ordinal school-Utility cannot be measured only ranked-Two approaches-Indifference curves approach and Revealed preference hypothesis
Consumer Behavior
Consumer Surplus: The value consumers get from a good but do not have to pay for.