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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.
Factors influencing Supply Curve State of technology There is a direct relationship between supply and technology. Improved technology results in more supply as with
AGGREGATE DEMAND This refers to the total planned or desired spending in the economy as a whole in a given period. It is made up of consumption demand by individuals, planned
Illustrate the application of economic theory to some business problems
Q. Show the Characteristics of monopoly? Let's summarise the main characteristics of monopoly as under: Cross-elasticity of demand for a monopoly product is zero in the
THE GOVERNED ECONOMY The governed economy contains central authorities often simply called "the government" - who levy taxes on firms and households and which engages in numer
production function
a) A reduce in supply and an enhance in demand will cause the equilibrium: b) Which of the following is most likely to cause a reduce in the present demand for some product X
INTERNATIONAL TRADE Definition It is the exchange of goods and services between one country and another. International Trade can be in goods, termed visibles or in servi
Apprehensions about the future price of law of demand When consumers anticipate a constant rise in the price of a long-lasting commodity, they buy more of it despite the price
Question 1: Either ‘Today the business organizations are quite different from the traditional classical firm with a wide range of objectives.' Discuss the above statement
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