Managerial Economics; Management;
Ordinal Utility | Consumer Equilibrium | Indifference Curve;
Introduction- 00:00:00- 00:01:13
Ordinal utility- 00:01:14- 00:02:46
*What is ordinal utility?
*Difference between cardinal and ordinal utility
*Features of ordinal utility
Analysis of Consumer behavior under Ordinal utility Approach
00:02:47- 00:06:32
*Assumptions of ordinal utility approach
-Rationality
-Ordinal utility
-Transitivity and consistency of choice
-Non-satiety
-Diminishing marginal rate of substitution
Meaning and Nature of Indifference Curve 00:06:33- 00:25:11
*What is an indifference curve?
*What is the marginal rate of substitution?
*Properties of indifference curve
*Why is the indifference curve negatively sloping towards
its right?
Consumer’s Equilibrium and Ordinal Utility Approach
00:25:12- 00:32:12
*The two conditions for consumer’s equilibrium
- First order condition
- Second order condition
*Slope of an indifference curve
*Calculating consumer equilibrium
*Conclusion
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