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Q. Explain about Cardinal utility?
A measure of utility or satisfaction derived from consumption of services and goods which can be measured using an absolute scale. Cardinal utility exists if utility derived from consumption is measurable in the same way that other physical characteristics--weight and height --are measured using a scale which is comparable between people. There is little or no evidence to propose that such measurement is possible and isn't even required for modern consumer demand theory and indifference curve analysis. Cardinal utility though is often used as a convenient teaching device for discussing these concepts as utility maximisation and marginal utility.
Q. Types of production function? Production function is of two different forms: The variable proportion production function The fixed proportion production functio
diagram of production function with one varaible
neoclassical thinking assumes that all firms are established to make profit has been challenged by managerial discretion model.How successful have been these models to maximize pro
Your discussion assignment this week is associated with the Pilgrim Bank case. Using the attached file, answer the following questions: A. Is there a difference in profitability ac
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The computer graphics chip industry is one with a little number of competitors that earn normal economic profit. Two chip manufacturers, NVIDIA and ATI both face the prospect of lo
PUBLIC SECTOR BORROWING REQUIREMENT (PSBR) Public Sector Borrowing Requirement (PSBR) is the amount which the government needs to borrow in any one year to finance an excess e
a. Explain why the demand for a particular brand is more elastic than the demand for all cigarettes. If Lucky Strike raised its price by 1% in 1918, was the price elast
Cross Elasticity Cross elasticity of demand measures the degree of responsiveness of the quantity demanded of one good (B) to changes in the price of another good (A). It is
Ask quesCase Study Electron Control, Inc., sells voltage regulators to other manufacturers, who then customize and distribute the products to quality assurance labs for their sens
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