Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Concept of Preference, Utility Function:
Concept of Preference, Utility Function and Indifference Curve Consumer preference ('R') specified by the above axioms can be represented by a function where total utility ('U') depends on quantity consumption (x1, x2), which satisfied all other axioms. The function U = U(x1, x2) is known as
utility function. Since consumer is rational, her objective is to maximise the utility specified by the utility function U = U(x1, x2) subject to her budget constraint. To solve the consumer utility Maximisation problem, we use a graphical tool, which is known as Indifference curve. Meaning and definition of indifference curve: Different combination of goods x1 and x2 along which consumer is indifferent (or consumer has same level of utility) give a curve in commodity-commodity plane known as indifference curve. Therefore, along the indifference curve utility or satisfaction remains unchanged. Existence of indifference curve: Because of axiom of reflexiveness consumer can choose a commodity bundle over another commodity bundle i.e., consumer may be indifferent between any commodity bundle and such a choice might be continuous. So, indifference curve may exits anywhere in the commodity space.
I would like to know if you guys take up online tests?
You have acquired a CT scanner at a cost of $750,000. You expect to perform 7,000 procedures per year over the estimated 5-year life of the scanner. Assuming no salvage value and a
If the opportunity cost of producing extra units of one good (expressed in terms of the amount of another good that is sacrificed) remains constant, then the shape of the productio
The World Trade Organization is a successor organization to the A.United Nations. B.World Bank. C.International Court of Justice. D. GATT.
Equilibrium in the money market In the IS-LM-model, we have equilibrium in the money market when MD(Y, R) = MS This is the equation
#qDiscuss the functions of money Illustrate your answeruestion..
given the consumer maximizing problem subjest to consumption, the firm''s maximizing problem subject to revenue as a function of labour demand, and the government''s budget as G=T.
You operate your own small building company and have decided to bid on a government contract to build a pedestrian walkway in a national park during the coming winter. The walkway
You decide to buy a home for $1,000,000. You approach two banks for financing. The first requires a 10% down payment and requires monthly payments on a 20 year mortgage sufficient
assessment of interest rate in the economy of south africa, unemployment
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd