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Ask QuestionPosted by Prince Singh 7 years ago
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Ravi Nayak 7 years ago
Posted by Cbse Student 7 years ago
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Yogita Ingle 7 years ago
Budget Line or Price Line This line is showing different combinations of two goods which a consumer can attain at given income and market price of the goods.
Equation of Budget Line, M = Px Qx + Py Qy Where, M = Market
Px = Price of Good x, Py = Price of Good y
Qx = Quantity of Good y, Qy = Quantity of Good y
Posted by Anurag Kaushal 7 years ago
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Rahul Kandpal 7 years ago
Yogita Ingle 7 years ago
Indifference Curve This curve shows different combinations of two goods, each combination offering the same level of satisfaction to the consumer. So that the consumer is indifferent among the various combinations offered to him Indifference curves slope downwards from left to the right. Indifference curve is always convex to the origin.
Posted by Shalini Yadav 7 years ago
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Prince Singh 7 years ago
Posted by Shalini Yadav 7 years ago
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Pragya Tyagi 7 years ago
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Yogita Ingle 7 years ago
A firm’s demand curve is indeterminates under oligopoly because there is high degree of interdependence between the firms. Price and output policy of one firm has a significant impact on the price and output policy of the rival firms in the market. When’ one firm lowers its price, the rival firms may also lower the price. Contrarily, when one firm raises the price, the rival firms may not do it. Accordingly, it becomes very difficult to estimate change in firm’s sale caused by a change in price. So, a precise relationship between price and sales cannot be established or the firm’s demand curve cannot be drawn.
Posted by Jashanpreet Kaur 7 years ago
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Nikhil Kumar 7 years ago
Posted by Saini Saab 7 years ago
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Yogita Ingle 7 years ago
Capital expenditures are expenditures for high-value items that holds longer duration requirements. Capital expenditures are long-term expenditures. In other words, when the expenses are made for a particular asset but they do not get completely consumed in the specific time. Due to this the earning capacity increases, and in the meanwhile, the price of the assets decreases.
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Nikhil Kumar 7 years ago
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Arun Diwakar 7 years ago
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Ritu Manon 7 years ago
Posted by Kartikay Sharma 7 years ago
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Gaurav Seth 7 years ago
| Meaning | Cardinal utility is the utility wherein the satisfaction derived by the consumers from the consumption of good or service can be expressed numerically. | Ordinal utility states that the satifaction which a consumer derives from the consumption of good or service cannot be expressed numerical units. |
| Approach | Quantitative | Qualitative |
| Realistic | Less | More |
| Measurement | Utils | Ranks |
| Analysis | Marginal Utility Analysis | Indifference Curve Analysis |
| Promoted by | Classical and Neo-classical Economists | Modern Economists |
Posted by Divya Choudhary 7 years ago
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Gaurav Seth 7 years ago
Central Problems of An Economy At the micro level, every economy has to face three central problems, i.e. what to produce, how to produce and for whom to produce.
(i)What to produce Problem of ‘what to produce’ arises as the economy has limitedresources. In an economy because of scarcity of resources, producers are unable to produce everything in desired quantity, a but they will have to make a choice as to which one is important as a whole, so that limited resources can be rationally managed. Problem of ‘what to produce’ involves two fold decisions; kinds of goods to be produced and quantity of goods to be produced.
(ii)How to produce It is concerning with, how to organise production. This problem is related to the choice of technique of production. It arises due to the availability of various techniques for the production of a commodity such as labour intensive technique and capital intensive technique. Depending upon the availability of resources, either technique is used.
(iii) For whom to produce This is essentially the problem of distribution of income between (a) the different groups of the society and (b) now and in the future. As to income distribution between the different groups with in a society an economy has to find ways and means to get a distribution that promotes social welfare at present and on the other hand do not compromise the need of the future generation. Distribution of income could be of two types:
(a)Factoral distribution
(b)Interpersonal distribution
Priyanka Sachdeva 7 years ago
Priyanka Sachdeva 7 years ago
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Nandini Goyal 7 years ago
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Akhilesh Parihar 7 years ago
2Thank You