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Unit 2: Background to Demand: The Theory of Consumer Choice

Unit 2: Background to Demand: The Theory of Consumer Choice. Objectives: Upon completion of this unit students should be able to; Define the concept of utility as basis of demand. Define Marginal utility and diminishing marginal utility. Draw indifference curve and individual demand curve.

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Consumption bundle 1 makes - PowerPoint PPT Presentation

Unit 2: Background to Demand: The Theory of Consumer Choice