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  • 2 answers

Ankit Bijapari 1 week, 3 days ago

Define economy

Yogita Ingle 1 week, 3 days ago

Ordinal measurement of utility refers to the measurement (or expression) of utility in terms ranks like high or low (more or less). Ordinality means that utility can be ranked based on consumer preferences.

Ordinal utility theory states that utility cannot be measured, it can only be ranked or ordered according to the preference of the consumer. Ordinality means that utility can be ranked.

  • 3 answers

Mahi .... 1 week, 3 days ago

No Ankit it's out of our syllabus..

Ankitsingh 😎😎😉😉 1 week, 4 days ago

Yes

Mahi .... 1 week, 4 days ago

No,it's not in our syllabus...
  • 1 answers

Yogita Ingle 1 week, 5 days ago

Parameters Positive Economics Normative Economics
Meaning A part of economics grounded on the information and certainty is positive economics. A part of economics grounded on values, perspectives and discernment is normative economics.
Nature Illustrative Dictatorial
Outlook Objective Subjective
Deals with? What actually is? What has to be?
Testing (Trial) Statements can be tested Statements cannot be tested
Economic problems Evidently elucidates the economic concerns and issues. Provides a solution for the economic concerns, based on the value
  • 1 answers

Yogita Ingle 1 week, 6 days ago

A consumer is in a state of equilibrium when he maximizes his satisfaction by spending his given income on different goods and services. Any deviation or change in the allocation of income under the given circumstance will lead to a fall in total satisfaction.

For one-commodity case: Rupee worth of satisfaction actually received by the consumer is equal to the marginal utility of money as specified by the consumer himself. 

Condition 1 :  MU(of good X) = MU(of money) OR , PRICE(of good X) = MU(of money)

Reason: Price paid by the consumers should be exactly equal to the money value of MU that he derives. In case P(of X) is lesser than the MU(of money), he should be prompted to buy more of good X. Higher consumption will lead to a fall in MU. The consumption of good X would stop only when P(of good X) will be equal to MU(in terms of money). Likewise, if P(of X) is greater than MU(in terms of money), the consumer will be prompted to buy less of good X, leading to a fall in MU.

Condition 2: Marginal utility of money remains constant.

Condition 3: Law of marginal utility holds good.

For two-commodity case:   Rupee worth of marginal utility of money should be same across good X and good Y, and equal to marginal utility of money.

Reason: In case rupee worth of satisfaction (MU of good X/ price of good X) is greater for good X than good Y, the consumer will be prompted to buy more of good X and less of good Y. This would lead to a fall in marginal utility of good X and a rise in marginal utility of good Y. This process would continue till MU(of good X)/ Price of good X = MU(OF GOOD Y)/ Price of good Y = MU(of money) . In case rupee worth of satisfaction (MU of good y/ price of good Y) is greater for good Y than good X, the consumer will be prompted to buy more of good Y and less of good X. This would lead to a fall in marginal utility of good Y and a rise in marginal utility of good X.

  • 3 answers

🐍 S.S. 🐍 1 week, 5 days ago

xD😂

Dhruv ... 1 week, 5 days ago

Ok sir🙂🙏🙏

Gaurav Seth 2 weeks ago

 

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Meghna Thapar 2 weeks, 1 day ago

Natural economy - is a type of economy in which money is not used in the transfer of resources among people. ... As a corollary, the majority of goods produced in a system of natural economy are not produced for the purpose of exchanging them, but for direct consumption by the producers (subsistence).

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Mahi .... 6 days, 8 hours ago

Economics is sometimes called the study of scarcity because economic activity would not exist. If scarcity did not force people to make choices. When there is scarcity and choice,there are costs. The cost of any choice is the option or options that a person gives up.Choice refers to the ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options. Being free to close is regarded as a fundamental indicator of economic well being and development
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Dhruv ... 1 week, 5 days ago

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Aadya Singh 1 week, 5 days ago

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Dhruv ... 1 week, 5 days ago

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Legendary 1 week, 5 days ago

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Aadya Singh 1 week, 5 days ago

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  • 2 answers

Dhruv ... 2 weeks, 2 days ago

☺️☺️☺️

Aadya Singh 2 weeks, 2 days ago

Happy Diwali in advance 💛
  • 3 answers

Legendary 2 weeks, 2 days ago

<div> <script>import confetti from "https://cdn.skypack.dev/canvas-confetti"; const doItNow = (evt, hard) => { const direction = Math.sign(lastX - evt.clientX); lastX = evt.clientX; const particleCount = hard ? r(122, 245) : r(2, 15); confetti({ particleCount, angle: r(90, 90 + direction * 30), spread: r(45, 80), origin: { x: evt.clientX / window.innerWidth, y: evt.clientY / window.innerHeight } }); }; const doIt = (evt) => { doItNow(evt, false); }; const doItHard = (evt) => { doItNow(evt, true); }; let lastX = 0; const butt = document.querySelector("button"); butt.addEventListener("mousemove", doIt); butt.addEventListener("click", doItHard); function r(mi, ma) { return parseInt(Math.random() * (ma - mi) + mi); } </script> </div>

Dhruv ... 2 weeks, 3 days ago

☺️☺️☺️

🐍 S.S. 🐍 2 weeks, 2 days ago

same2u🎇🎇
  • 4 answers

Legendary 2 weeks, 3 days ago

Bhot acche se

Dhruv ... 2 weeks ago

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Legendary 2 weeks, 3 days ago

Rora hai bichara dukh se grast hai

Aadya Singh 2 weeks, 3 days ago

kya hua dhruv?? Chakkar aa rhe kya legendary ki baat sun k?? 😂😂😂😂
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Jogendra Pal 2 weeks ago

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Pragya Gupta 2 weeks, 4 days ago

Dhruv no need for that . Forget that

Pragya Gupta 2 weeks, 4 days ago

Thanks yogita 😄

Dhruv ... 2 weeks ago

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Yogita Ingle 2 weeks, 4 days ago

Economic Problem Problem of choice or a problem of allocation of resources is the major economic problem which arises due to scarce resources and alternative uses of resources. With this meaning we have several other aspects also to study which are:

(i) Scarcity It refers to the situation where demand for a good exceed its supply.

(ii) Choice It refers to the process of selection from available limited resources .

Or in more simple way

‘Scarcity causes choice’

‘Choice implies decision-making’

‘Decision-making’ relates to usage of limited resources in a manner that consumer maximises his satisfaction, producer maximises his profits and a nation maximises its social welfare.

  • 1 answers

Jogendra Pal 2 weeks ago

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  • 0 answers
  • 1 answers

Yogita Ingle 2 weeks, 6 days ago

There are two exceptions to the Law of Demand. Giffen and Veblen goods are exceptions to the Law of Demand. However, they are extreme cases and can be quite difficult to prove. But economists generally agree that there are rare cases where the Law of Demand is violated.

The Law of Demand states that the quantity demanded for a good or service rises as the price falls, ceteris paribus (or with all other things being equal). Therefore, the Law of Demand is an inverse relationship between price and quantity demanded

  • 3 answers

Aditya Kumar 2 weeks, 6 days ago

Opportunity cost is the cost of next best alternative foregone.

Yogita Ingle 2 weeks, 6 days ago

A benefit, profit, or value of something that must be given up to acquire or achieve something else. Since every resource (land, money, time, etc.) can be put to alternative uses, every action, choice, or decision has an associated opportunity cost.

Opportunity costs are fundamental costs in economics, and are used in computing cost benefit analysis of a project. Such costs, however, are not recorded in the account books but are recognized in decision making by computing the cash outlays and their resulting profit or loss

Saksham Dixit 3 weeks ago

Cost of next best alternative forgone is opportunity cost
  • 1 answers

Aditya Kumar 2 weeks, 6 days ago

At the point of satiety the total utility will be maximum
  • 1 answers

Yogita Ingle 2 weeks, 6 days ago

An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility. Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utility.

  • 4 answers

Sakshi Verma 1 day, 15 hours ago

Scarcity is a situation in which what you have is less then what you wish to have

Deepanshu Jha 3 days, 10 hours ago

Scarcity refer to limitations of supply on relation to demand

Yogita Ingle 2 weeks, 6 days ago

Scarcity: Refers to limited supply of resources in the economy in relation to demand, this is due to the unlimited wants of human beings.

Gaurav Seth 2 weeks, 6 days ago

Scarcity: Refers to limited supply of resources in the economy in relation to demand, this is due to the unlimited wants of human beings.

Scarcity of resources refers to the situation where the resources are limited in quantity and have alternative uses in production of various commodities which have high demand in the economy that results in excess demand as supply is limited.

  • 2 answers

Janhavi Das 3 weeks ago

Thanks yogita

Yogita Ingle 3 weeks ago

The slope of production possibility curve is marginal opportunity cost which refers to the additional sacrifice that a firm makes when they shift resources and technology from production of one commodity to the other. Therefore, if marginal opportunity cost remains constant then PPC will be a straight line owing to constant slope.

  • 2 answers

Deepanshu Jha 3 days, 10 hours ago

Arithmetic mean can be defined as the the sum of all observation. divided by total no. Of observation

Yogita Ingle 3 weeks ago

The arithmetic mean is defined as the ratio of the sum of all the given observations to the total number of observations. For example, if the data set consists of 5 observations, the arithmetic mean can be calculated by adding all the 5 given observations divided by 5.

  • 2 answers

Deepanshu Jha 3 days, 10 hours ago

Adam smith

Yogita Ingle 3 weeks ago

Sir Ronald Aylmer Fisher who was a British statistician, is considered by many to be the father of the modern statistics. 

Considering India I think it's P.C Mahalanobis. He's also the founder of Indian Statistical Institute- Kolkata. 

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