This week, we learned about the utility approach to consumer demand theory and the vast differences among utility goods. As individuals consume more of a good for a given time period, their total utility (TU) or satisfaction increases, but their marginal utility (MU) diminishes.

For your initial post, reflect back on this week's learning and address these prompts:

• Think back to your last shopping trip, whether it be for food, school supplies/clothes, a cell phone, etc. help me create a pros and cons chart (list) that illustrates the cardinal and ordinal theory approaches for this trip. Explain which method you would prefer to use and why.
• The utility approach to consumer demand theory is based on the assumption of cardinal utility, while the indifference curve approach is based on ordinal utility. Explain which approach is better and why. Bring in an outside source to back up your rationale.