•Jeremy Bentham: The first major ad

•Jeremy Bentham: The first major advance in the development of consumer demand theory was provided by Jeremy Bentham in the late 1700s. Bentham coined the term "utility" in reference to the satisfaction of wants and needs. He also developed the notion that people are motivated by the desire to maximize utility. Bentham firmly believed that utility was a measurable, quantifiable characteristic of a person, much like height or weight.

•John Stuart Mill: The theoretical work developed by Bentham was extended and popularized by John Stuart Mill, whose father James Mill was a contemporary and close friend of Bentham. The elder Mill introduced the younger Mill to the thoughts and teachings of Bentham at an early age. John Stuart Mill expanded and promoted these consumer demand principles in a number of publications, including his book, Principles of Political Economic, which was the dominate economics textbook for several decades.

•William Stanley Jevons: A major improvement in consumer demand theory was provided by William Stanley Jevons with the notion of marginal utility. Jevons also developed the rule of consumer equilibrium, stating that consumers purchase goods such that the ratio of marginal utilities is equal to the ratio of prices. Along the way, Jevons helped to transform consumer demand theory (as well as microeconomics in general) into a rigorous mathematical science.

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• Jeremy Bentham: The first major advance in the development of consumer demand theory was provided by Jeremy Bentham in the late 1700s. Bentham coined the term "utility" in reference to the satisfaction of wants and needs. He also developed the notion that people are motivated by the desire to maximize utility. Bentham firmly believed that Utility was a measurable, quantifiable characteristic of a person, much like height or weight. • John Stuart Mill: The theoretical Work developed by Bentham was Extended and popularized by John Stuart Mill, whose Father James Mill was a Contemporary and close. friend of Bentham. The elder Mill introduced the younger Mill to the thoughts and teachings of Bentham at an early age. John Stuart Mill expanded and promoted these Consumer demand principles in a Number of Publications, including his Book, Principles of Political Economic, which was the dominates economics Textbook for several decades. • William Stanley Jevons: A Major Improvement in Consumer demand Theory was provided by. William Stanley Jevons with the notion of marginal utility. Jevons also developed the rule of consumer equilibrium, stating that consumers purchase goods such that the ratio of marginal utilities is equal to the ratio of prices. Along the way, Jevons helped to transform consumer demand theory (as well as microeconomics in general) into a rigorous mathematical science.