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13 marksTheory of Consumer Demand

CAPE Economics Unit 1 · 2016 · Paper 2 · Question 1(c)

Discuss, with the aid of diagrams, the ordinal approach to the derivation of the demand curve.

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Other parts of this question

  1. 1(a)(i)Define the term 'normal good'.[2 marks]
  2. 1(a)(ii)Define the term 'inferior good'.[2 marks]
  3. 1(a)(iii)Define the term 'Giffen good'.[2 marks]
  4. 1(b)(i)Explain the ordinalist approach to understanding consumer behaviour.[3 marks]
  5. 1(b)(ii)Explain the cardinalist (marginalist) approach to understanding consumer behaviour.[3 marks]

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