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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.
what is profit planning?
Measurement of Inflation The rate of inflation is measured using the Retail Price Index. A retail Price Index aims to measure the change in the average price of a basket of g
Industry Paper: As a partial requirement for this course, you will have to submit a paper on an Industry of your choice. This is a highly structured paper, which consists of: 1.
Desire for a commodity This validates that a want or a desire doesn't develop into a demand except it is supported by the ability and willingness to acquire it. For example, a
Environmental issues factors This is governed by the below factors: The type of economic system of the country Business cycles Industrial policy of the countr
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If a firm's organisational characteristics have not any implications for its behaviour or more possibly have implications that can be taken into account without adopting a behaviou
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Fixed Costs (FC) These are costs which do not vary with the level of production i.e. they are fixed at all levels of production. They are associated with fixed factors of p
explain how income flows in governed economy
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