3 marksTheory of Consumer Demand
CAPE Economics Unit 1 · 2016 · Paper 2 · Question 1(b)(i)
Explain the ordinalist approach to understanding consumer behaviour.
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Practise this questionOther parts of this question
- 1(a)(i)Define the term 'normal good'.[2 marks]
- 1(a)(ii)Define the term 'inferior good'.[2 marks]
- 1(a)(iii)Define the term 'Giffen good'.[2 marks]
- 1(b)(ii)Explain the cardinalist (marginalist) approach to understanding consumer behaviour.[3 marks]
- 1(c)Discuss, with the aid of diagrams, the ordinal approach to the derivation of the demand curve.[13 marks]
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