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This demand of the consumer depends on factors like; price of the commodity, income of the consumer, and more important on his taste & preferences. The satisfaction which the consumer derives is measured in terms of utility of that commodity.
The utility analysis of demand is broadly divided into two methods: Cardinal Utility Approach given by Marshall Indifference Curve Analysis given by Hicks
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FHRAI Institute of Hospitality Management, Micro Economics
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20 30
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Utility Schedule
Units of Total Utility commodity 1 20 2 37 3 49 4 58 5 64 6 64 7 62
FHRAI Institute of Hospitality Management, Micro Economics
Marginal Utility 20 17 12 9 6 0 -2
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