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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.
Merits of direct taxes a. They satisfy the principle of equity as they are easily matched to the tax payers capacity to pay once assessed. b. They satisfy the principles
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Suppose that Betsy's utility function is given by the equation U=Y0.3 where Y is calculated in thousands of dollars. Betsy's present job pays her $20,000 (Y=20) per year and she ca
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what is equi marginal concepts?
A baseball team is trying to predict ticket sales for the upcoming season. They are also considering increasing prices. The market has a population of 2 million persons. The team s
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