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• Budget constraint, budget line, budget set, Budget constraint is a very important concept in economics and is utilized even in advanced economic theory. Let the competent tutors at Expertsmind guide you in understanding the concept thoroughly. Try the online tutoring and homework help provided by them.
• Utility Function., Marginal Utility (MU)
• Choice of Consumer: The objective of the consumer is to find the most preferred bundle which is affordable. That is, to find the commodity bundle with the highest utility within the budget set.
Lots of states have scratch offs with various different monetary payoffs. For example, the "$500 a week for life" in New York offers the payout and odds structure noted below.
The services of a certified psychologist cost $110 per hour, and an extended health plan covers 50 percent of that cost. Under the plan, the clients covered used 625 hours of this
Q. What do you mean by Ordinal utility? A method of analysing utility or satisfaction derived from consumption of services andgoods, based on a relative ranking of services and
explain the managerial economics
what is objective
Diminishing Marginal Utility Diminishing marginal utility as well is to be held responsible for the rise in demand for a product when its price declines. When an individual pur
How does economic theory contribute to managerial decisions?
Economics has two major branches: (1) micro economics, and (2) both micro and macro economics theories. The parts of micro and macro economics that constitute managerial economics
williamson''s model describe
Using the National Output for Calculating National Income A final method which is more direct is the "output method" or the value added approach . This involves adding up
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