REGARDS UPON EVOLUTION OF UTILITY THEORY- THE FUNDAMENTAL ELEMENT IN PRICE ESTABLISHMENT

Viorica Stan
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Viorica Stan: “Petre Andrei” University, Iasi

Theoretical and Applied Economics, 2011, vol. 5(558)(supplement), issue 5(558)(supplement), pages 538-540

Abstract: The purpose of an economic activity is consumer satisfaction. Therefore, production activities, decisions and actions of entrepreneures have as a reference consumer needs, preferences and behavior which must be taken in consideration by manufacturer's goods. The analysis must take into account consumer preferences and budgetary constraints wich he faced. Analysis of consumer behavior is achieved through two distinct approaches: one of cardinal and the other of ordinal utility. The purpose of this paper is to explore these approaches.

Keywords: consumption; utility; marginal utility; budgetary constraints; consumer equilibrium. (search for similar items in EconPapers)
Date: 2011
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