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.
What isn''t a component of the M1 money supply?
give and explain national income variation
This release also states that the Federal Reserve is in the process of purchasing $1.25 trillion of agency mortgage-backed securities and about $175 billion of agency debt. Additio
Control: In apples molded by Penicillium expansum, most of the patulin is confined to the region of damaged tissue and simply removing the lesions reduces the toxin by 90%, but i
By given scenario answer the following questions. 1. What phase of the business cycle is the economy? 2. If inflation increased by 5% during the same period, what was the cha
Suppose gasoline and hybrid vehicles are substitutes. Draw a graph indicating what will happen in the market for hybrid vehicles if the price of gasoline increases. Be sure to labe
Relationship between the interest rate and the bond price Note that the higher the issue price, the lower the interest rate. In the same way, when the price of a government bon
Q. Is Household savings depend on GDP in the cross model? Household savings depends on Y since S H = Y - C - NT and C and NT both rely on Y. How it depends on Y can't be concl
multiplier static and dynamic
explain the stages and various coordination mechanisms involved in policy processes.
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