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!
Indifference curves
In order to explain indifference curves, we will again make the simplifying assumption that the consumer buys two goods, x and y.
The table below gives a number of combinations of x and y which the consumer considers to give the same satisfaction as for example, combination c of bx and 4y is thought to give the same satisfaction as D where 7x and 2y are consumed. The consumer is thus said to be indifferent as to which combination they have hence the name given to this type of analysis.
Table : An indifference schedule
Combination
Units of x
Units of y
A
B
C
D
1
4
6
7
12
2
Figure 2.3 gives a graphical representation of the figures in Table
Such a graph is called an indifference curve:
An indifference curve shows the lines of combinations of the amounts of two goods say x and y such that the individual is indifferent between all combinations on that curve.
At each point on the indifference curve the consumer believes that the same amount of utility is received.
Environmental issues of Managerial economics Managerial economics also includes some aspects of macroeconomics. These relate to political and social environment in that anin
Relevance of The Law of Diminishing Returns The law of diminishing returns is important in that it is seen to operate in practical situations where its conditions are fulfille
You are the new owner of Vanda-Laye Corporation. You are interested in your company''s cost and revenue relationships as well as its future pricing strategies. Tasks: Analyze how
The city of Cabernet is very popular for its production of wine. The inhabitants of the city have an aggregate demand for wine that can be described as follows: where Q d
Equilibrium Income In this model, aggregate desired expenditure has three components: Consumption, Investment and Government Expenditure:
What are the conclusions about the cost of production and efficiency in the long-run equilibrium of a perfectly competitive industry? Three conclusions regarding the cost of pr
Question: a. What are the basic attributes in designing a good tax system? b. Explain briefly how tax systems affect economic efficiency. c. The trade unionists advocat
Assignment
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
#question.Constraints of Marris’ Growth Maximisation Model
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