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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.
who are the contributors in economics and what they contribute in economics
SIGNIFICANCE OF THE CONCEPT AND THEORY OF SEARCH UNEMPLOYMENT From what has been said earlier, you understand the significance of the theory of search unemployment as
Q. Define the Natural Monopoly? Natural Monopoly: Natural monopoly is because of natural factors. For illustration, a particular raw material is concentrated at a specific pl
State the difficulties in the measurement of profit.
what is line balancing for paper machine?
Desire for a commodity This validates that a want or a desire doesn't develop into a demand except it is supported by the ability and willingness to acquire it. For example, a
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definition of optimal use of veriable input
Individual and market demand schedule The plan of the possible quantities that will be demanded at different prices by an individual is called Individual demand schedule. Su
Q. Explain about isocost line? In economics, an isocost line signifies all combinations of inputs that cost the same total amount. Though, similar to the budget constraint in c
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