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Explain the first-order condition of sufficiency of consumer.
Sufficiency of Consumer’s First-Order Conditions
This first-order condition is merely essential conditions for a local optimum. Nonetheless, for the particular problem at hand, such required first-order conditions are actually sufficient for a global optimum while a utility function is quasi-concave.
How economic theory explain optimum pattern of consumption for an individual consumer
Maurice has the following utility function: U (X; Y ) = 20X + 80Y ?? X2 ?? 2Y 2 where X is his consumption of CDs, with a price of $1, and Y is his consumption of movie videos, wit
Explain the graph as their is an increase in income
what is iso curve
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Economic instruments Financial rewards, incentives and penalties that operate automatically via market forces, to encourage beneficial behavior.
CHARACTERISTICS OF ECONOMIC INFRASTRUCTURE: Natural monopoly is the situation where the provision of a good or a service has economies of scale, which are realised most when a
What population information is needed by local authorities to provide the right number of primary and secondary school places? How would such information affect the plans of the lo
uses of time series in Indian Economy?
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