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Q. Write about the assumptions of the theory of consumer behavior based on the cardinal utility approach. 1. Rationality- It is assumed that the consumer is a rational being in the sense that he satisfied his wants in order of their preference
2. Limited money increment- He had a limited money income to spend in the goods and services to choose to consume
3. Maximization of Satisfaction- every rational consumer intends to maximize her satisfaction from given money income
4. Utility is cardinally measurable- The cardinalists have assumed that utility is cardinally measurable and that utility of one unit of a commodity equals the units of many which a consumer is prepared to pay for it
5. Diminishing marginal utility- It is assumed that utility gained from the successive units of a commodity consumed decreases as a person consumes them
6. Constant marginal utility of money- It remains constant whatever the level of a consumers income
7. Utility is additive- Not only utility is cardinally measurable, but also that utility derived from various goods and services consumed by a consumer can be added together to obtain the total utility.
illustrate the circular flow of income of an open economy and explain the effects of various injections and withdrawal in the circular flow?
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The Concept of Comparative Advantage is explained below: To illustrate the concept of the comparative advantage, we take the instance of two equi-sized equi-endowment countries
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Q. Now, consider that the relative price of A is actually not higher than Albania's autarkic level of 1, but quite the opposite (e.g. PA/PB = 0.5). Could Albania still be able t
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