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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.
INTERNATIONAL FINANCIAL INSTITUTIONS In July 1944, a conference took place at Bretton Woods in New Hampshire to try to establish the pattern of post-war international monetary
Price Elasticity at Terminal Points The price elasticity at terminal point N equals 0 means that at point N, e = 0. At terminal point M, although, price-elasticity is undefined
what is a firm
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The variance of the OLS estimator is VAR( ^B)=σ 2 /ns 2 x , where s 2 x =£x 2 /x You're hired to estimate and you're going to be paid according to the accuracy of your esti
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Refer to above figure. Albania refused to engage in international trade for ideological reasons. To maximize its economic welfare it would choose to produce at which point in the d
Q. Explain the Shut down point? ShutdownPoint: With MR = MC, firm attains equilibrium at point E where it produces OM amount of the output. To produce this output, firm incur
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