Unit-5 Consumer Equilibrium - Cardinal and Ordinal Approaches

In this unit, we continue the discussion on demand and focus our attention on consumer’s behaviour in order to explain the law of demand.

Suppose the marginal utility schedule is given as MUx = 40- 0.5 Qx. If marginal utility of money is equal to one and is constant, find out the demand schedule?

(Hint: set Px = MUx )

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