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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 goods consumed. With ordinal utility goods are just ranked only in terms of more or less preferred, there isn't any attempt to determine how much more one good is preferred to another. Ordinal utility is underlying assumption employed in analysis of indifference curves and must be compared with cardinal utility that (hypothetically) measures utility using a quantitative scale.
Q. What is Marketing Economies? They are allied with selling of the product of the firm. They arise from advertising economies. Because advertising expenses increase less than
TYPES OF BUDGETS 1. Deficit budget If the proposed expenditure is greater than the planned revenue from taxation and miscellaneous receipts, this is a budget defic
Q. Proportion of Income Spent on a Commodity? Another characteristic that has an impact on the elasticity of demand for a commodity is proportion of income that consumers use u
Harrod Domar Theory A basic principle that has been stressed by both Harrod and Domar in their growth models and which has been incorporated in all modern growth theories is th
Q. Show the example on transaction cost theory? Coase begins from standpoint that markets could in theory carry out all production and that what needs to be illustrated is th
pricing under oligopoly
LONG RUN EQUILIBRIUM FOR THE FIRM Since there is freedom of entry into the industry the surplus profits will attract new firms into the industry. As a result the supply of th
PROBLEMS OF USING PER CAPITA INCOME TO COMPARE STANDARD OF LIVING OVER TIME 1) The composition of output may change. e.g. more defence-related goods may be produced and
What is increasing marginal cost? Felix’s marginal cost is greater the more lawns he has previously mowed. It is, every time he mows a lawn, the extra cost of doing still anoth
OBJECTIVES OF CREDIT CONTROL The old objective of controlling credit creation by the commercial banks in the country was dictated by considerations of maintaining stability of
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