Consumer behavior is the study of how individuals or groups of consumers select goods and services to satisfy their wants. It is concerned with all the aspects of purchasing behavior of consumers. Thus, consumer behavior is concerned with how individuals make decisions to spend their available resources to satisfy their needs. This theory is based on the psychology of consumers.
Here, you will get the study materials covering the topics like
•Meaning of utility and utility analysis •Approaches/ theories of utility analysis •Cardinal Utility Analysis •Assumptions of cardinal utility analysis •Basic terminologies/concepts used in cardinal utility analysis •Relationship between Total Utility and Marginal Utility •Law of diminishing marginal utility •Law of substitution
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