Question

Compare and contrast the marginal utility approach with the indifference curve approach in understanding consumer behaviour.

Answer 1

Answer:

Allen and J.R Hicks claims that the indifference curve technique is scientific and more realistic than the Marshall's utility analysis. ... On the the other hand, the indifference approach is based on ordinal utility function, i.e., it does not assign any number to a commodity , representing the amount of the utility.

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