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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.
The supply of money Refers to the total amount of money in the economy. Most countries of the world have two measures of the money stock - broad money supply and narro
The International Monetary Fund The International Monetary Fund is a kind of an embryo World Central Bank. Its objectives are: i. To work towards the full convertibilit
how manager can apply scarcity and oppotunity cost in managerial decision making
Suppose that Betsy's utility function is given by the equation U=Y0.3 where Y is calculated in thousands of dollars. Betsy's present job pays her $20,000 (Y=20) per year and she ca
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Paper Money Due to the risk of theft, members of the public who owned such metal money would deposit them for safe keeping with goldsmiths and other reliable merchants who
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Buffer stocks and stabilization funds In this case the government buys up part of the supply when output is excessive, stores this surplus, and resells it to consumers in time
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