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Ask QuestionPosted by Harsh Dada Kashyap 5 years ago
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Shalini Yadav 5 years ago
Shalini Yadav 5 years ago
Posted by Aasif Mirza 5 years ago
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Amit Singh 5 years ago
Posted by Umang Dev 2 years, 1 month ago
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Sia ? 4 years, 4 months ago
An attainable combination of a set of two goods is as follows:
It is resulted from resource allocation decisions which are made by deciding what to produce and in what quantity. Its the decisions regarding production of one good vs the production of another good.
By making more one type of good (for instance chocolate bars), production of another type of good (for instance toffees) will suffer.
It also describes scenarios where the production is inefficient. That one person could be making 10 chocolates and 5 toffees, but instead you only make 5 chocolates and 2 toffees (inefficient combination)
NON-attainable: This is the production of one good vs another which cannot be done. Because your productive capacity is limited due to the limited resources.
You want to make 20 chocolates and 15 toffees but you cannot due to lack of resources. So therefore, they are unattainable. So that shows relationship of opportunity cost and scarcity.
You may increase productive capacity, and shift your production possibility curve(which shows the two combination of goods), and that way you may achieve something unattainable in the short run.
Posted by L J Maru 5 years ago
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Yogita Ingle 5 years 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.
Posted by Sneha ☺️ 5 years ago
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Posted by Pisa Kajik 5 years ago
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Yogita Ingle 5 years 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 |
Posted by Neilarmstrong Nongbsap 5 years ago
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Yogita Ingle 5 years 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.
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Gaurav Seth 5 years ago
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Posted by .... .... 5 years ago
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Meghna Thapar 5 years 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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Harshita Dhariwal 4 years, 11 months ago
Mahi .... 5 years ago
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Legendary 5 years ago
</a>?Posted by Dhruv ... 5 years ago
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Aadya Singh 5 years ago
Posted by Pragya Gupta 5 years ago
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Yogita Ingle 5 years 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.
Posted by Payal 10 5 years ago
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Posted by Payal 10 5 years ago
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Posted by Sunil Choudhary 5 years ago
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Yogita Ingle 5 years 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
Posted by Sunil Choudhary 5 years ago
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Yogita Ingle 5 years 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
Posted by Sunil Choudhary 5 years ago
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Posted by Sunil Choudhary 5 years ago
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Yogita Ingle 5 years 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.
Posted by Sunil Choudhary 5 years ago
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Sakshi Verma 5 years ago
Yogita Ingle 5 years 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 5 years 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.
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Posted by Khilesh Das 5 years ago
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Yogita Ingle 5 years 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.
Posted by Sunil Choudhary 5 years ago
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Deepanshu Jha 5 years ago
Yogita Ingle 5 years 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.
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Harshita Dhariwal 5 years ago
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