Mastering Consumer Equilibrium & Indifference Curves in Managerial Economics 📊

Managerial Economics; Management; <br /> <br />Ordinal Utility | Consumer Equilibrium | Indifference Curve; <br /> <br />Introduction- 00:00:00- 00:01:13 <br /> <br />Ordinal utility- 00:01:14- 00:02:46 <br />*What is ordinal utility? <br />*Difference between cardinal and ordinal utility <br />*Features of ordinal utility <br /> <br />Analysis of Consumer behavior under Ordinal utility Approach <br />00:02:47- 00:06:32 <br />*Assumptions of ordinal utility approach <br /> -Rationality <br /> -Ordinal utility <br /> -Transitivity and consistency of choice <br /> -Non-satiety <br /> -Diminishing marginal rate of substitution <br /> <br />Meaning and Nature of Indifference Curve 00:06:33- 00:25:11 <br />*What is an indifference curve? <br />*What is the marginal rate of substitution? <br />*Properties of indifference curve <br />*Why is the indifference curve negatively sloping towards <br />its right? <br /> <br />Consumer’s Equilibrium and Ordinal Utility Approach <br />00:25:12- 00:32:12 <br />*The two conditions for consumer’s equilibrium <br /> - First order condition <br /> - Second order condition <br />*Slope of an indifference curve <br />*Calculating consumer equilibrium <br />*Conclusion <br /> <br />Video by Edupedia World(www.edupediaworld.com), Free Online Education. <br />All Rights Reserved.