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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 do mean by Convex Isoquant? Isoquants are convex to the origin: At any point of an isoquant,the slope is negative. Its numerical value measures the marginal rate of te
Discuss the full cost pricing and marginal cost pricing method. Explain how the two methods differ from each other.
Q. Define Profit maximisation theory? Profit maximisation theory defines that firms (corporations orcompanies) will establish factories where they see potential to achieve the
PUBLIC SECTOR BORROWING REQUIREMENT (PSBR) Public Sector Borrowing Requirement (PSBR) is the amount which the government needs to borrow in any one year to finance an excess e
Q. Simon satisfying behaviour model? The behavioural approach as developed in particular by Richard Cyert and James G. March of the Carnegie School, lays emphasis on explaining
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Causes of the Nigeria recession
PER CAPITA INCOME AND INTERNATIONAL COMPARISONS Per capita income figures can also be used to compare the standards of living of different countries. Thus if the per capita in
PUBLIC EXPENDITURE The accounts of the central government are centered on two funds, the Consolidated Fund, which handles the revenues form taxation and other miscellaneous re
explain williamsons model of managerial discretion?
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