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Difference between cardinal approach and ordinal approach

Posted by Aksha Jain 7 years ago

2 answers

Cardinal Utility	Ordinal Utility
It means satisfaction that can be measured in numbers such as 1,2,3 etc.	It refers to the satisfaction that cannot be measured in numbers.
This concept was given by Marshall.	This concept was given by j.R. Hicks.
It is less realistic.	It is more realistic.
This theory is explained by the Marginal utility.	This theory is explained through indifference curve.
Cardinal utility measures satisfaction in terms of units.	Ordinal utility measures satisfaction in terms of ranks.
Cup of tea offers you 4 units of utility.	Cup of tea offers you greater satisfaction than a cup of coffee.

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Abhay Pandey 7 years ago

Under Cardinal approach the utility can be measured in number and under ordinal approach utility cannot be measured in number

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ANSWER

Demand function

Posted by Snigdha Dasgupta 7 years ago

CBSE > Class 12 > Economics

1 answers

Cbse Student 7 years ago

Is the function relationship b/w demand for. Commodity nd its various determinants

1Thank You

ANSWER

Define indifferent set

Posted by Vidya Arora 7 years ago

CBSE > Class 12 > Economics

2 answers

Cbse Student 7 years ago

Is a set those combination of two goods which offer the consumer the same level of satisfaction. So that the consumer is indifferent across all combination in his indifference set ......thanku

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Anjali Verma 7 years ago

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who is the propounder of ppc

Posted by Bindu Bagra 7 years ago

CBSE > Class 12 > Economics

0 answers

ANSWER

Elasticity of supply ?

Posted by Cbse Student 7 years ago

CBSE > Class 12 > Economics

2 answers

Cbse Student 7 years ago

Thanku

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Yogita Ingle 7 years ago

The elasticity of supply establishes a quantitative relationship between the supply of a commodity and it’s price. Hence, we can express the numeral change in supply with the change in the price of a commodity using the concept of elasticity. Note that elasticity can also be calculated with respect to the other determinants of supply.

However, the major factor controlling the supply of a commodity is its price. Therefore, we generally talk about the price elasticity of supply. The price elasticity of supply is the ratio of the percentage change in the price to the percentage change in quantity supplied of a commodity.

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If AP is maximum than MP will be?

Posted by Aakish Saifi 7 years ago

CBSE > Class 12 > Economics

2 answers

Aakish Saifi 7 years ago

what do you mean bu constant, it will change

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Honey 8 7 years ago

AP= MP then AP is constant and max.

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ANSWER

deflation mein price mein kya change aata hai?

Posted by Guneet Rangi 7 years ago

CBSE > Class 12 > Economics

2 answers

Gaurav Chinia 7 years ago

Are woh to depreciation or devaluation hota hai

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Aakish Saifi 7 years ago

deflation means that the value of domestic currency will fall in terms of foreign currency

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ANSWER

what is depression and recessiion?

Posted by Guneet Rangi 7 years ago

CBSE > Class 12 > Economics

1 answers

Bharat Sukhija 7 years ago

It is a situation when there is no growth no employment in the economy

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ANSWER

National income k ques kis type se aata hai ?

Posted by Cbse Student 7 years ago

CBSE > Class 12 > Economics

4 answers

Cbse Student 7 years ago

Ok thnaks...umesh kumar nd Ayush singhal

1Thank You

Cbse Student 7 years ago

Achcha means teeno mtld hi krne hai.....

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Umesh Kumar 7 years ago

Expenditure method ko jyada acche se tayar kr lo

1Thank You

Ayush Singhal 7 years ago

Income and expenditure dono niklna ko aii ga

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ANSWER

What is the likely effect of depriciation of domestic currency on export

Posted by Nikita Negi 7 years ago

CBSE > Class 12 > Economics

3 answers

Ayush Singhal 7 years ago

I think export km ho jai ga . Agr humre currency ke value down ho jate ha tho humra export bhi kme ho jta ha ore import increase ho jta ha .. shyde .. ?? For example : our currency value is 70 and they deprdciat 10. Than. Currency value is 60 . Tho agr hum export kre ga mtlb ( sale) tho huma nuksane ho ga .... isliya hum import kra ga kyoke huma 70 ke chez ab hum 60 ma mila ga isliya import increase ho jai ga ?

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Pragya Tyagi 7 years ago

That*

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Pragya Tyagi 7 years ago

There will be an increase in exports as currency depreciation stimulates thet imports are expensive.

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ANSWER

Consumer equilibrium using single commodity or using two or more than commodity. Is it in syllabus 2019 ???

Posted by Chayan Gupta 7 years ago

CBSE > Class 12 > Economics

2 answers

Pragya Tyagi 7 years ago

Yes the concept of single and double commodities is still a part of the 2019 syllabus.

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Ayush Singhal 7 years ago

One case and two case commodity ha bse

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ANSWER

What is expansion of demand

Posted by Yash Rao 7 years ago

CBSE > Class 12 > Economics

1 answers

Yogita Ingle 7 years ago

Extension and contraction of demand. Rise in demand due to fall in price of a commodity itself, other things remaining the same, is called extension of demand. It results in downward movement along a demand curve. Expansion in demand refers to a rise in the quantity demanded due to a fall in the price of commodity.

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What are the expension of law of supply?

Posted by Cbse Student 7 years ago

CBSE > Class 12 > Economics

7 answers

Cbse Student 7 years ago

Thanku

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Vijay Jakhar Vijay Sing 7 years ago

There are positive relationships between price of a commodity and it's supply Price high then supply also increase When price decrease then supply also decrease

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Cbse Student 7 years ago

Oh thanks aagya smj Pr kbhi bhi supply increase and price will also increase mt likna Princes will increase and supply is also increase nd vise versa likha Phle price aata hai ok

1Thank You

Saurabh Anand 7 years ago

Expension means extension of supply In Law of supply other things remain constant but extension of supply when increase in quantity of supply due to increase in price

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Cbse Student 7 years ago

Ye tho law of supply hai price increases of the commodity When supply also increase..nd vise versa But expension kya hai? Smj m nhi aaya mujhe

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Saurabh Anand 7 years ago

I m soory its wrong When supply increase then price will also increase nd movement in upward

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Saurabh Anand 7 years ago

Expension of supply means when price is constant nd supply is increase

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What is the relation between average variable cost and average Total cost, if Total fixed cost is zero?

Posted by Bromaxe Shine 7 years ago

CBSE > Class 12 > Economics

1 answers

Ayush Singhal 7 years ago

Agr TFC zero ha tho AVC bhi zero ho ga Ise sa ATC = AVC ATC=AFC+AVC ATC =0+ AVC So ATC= AVC

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Supply sloves upward from right to left hota hai y right to left?

Posted by Cbse Student 7 years ago

CBSE > Class 12 > Economics

6 answers

Cbse Student 7 years ago

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Ayush Singhal 7 years ago

Nops ., pleasure ?

1Thank You

Cbse Student 7 years ago

Ok thanks.

1Thank You

Ayush Singhal 7 years ago

Left to right

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Cbse Student 7 years ago

Supply m slove upward from right to left hota hai ya left to right ?

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Umesh Kumar 7 years ago

Question samajh nhi aaya

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ANSWER

If legal reserve ratio is 20% what will be the value of money multiplier?

Posted by Tom Jerry 7 years ago

CBSE > Class 12 > Economics

4 answers

Tom Jerry 7 years ago

Tnx to all

1Thank You

Sabka Boss 7 years ago

0.05

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Koml Kaur 7 years ago

3Thank You

Aman Singh 7 years ago

00.5

2Thank You

ANSWER

Discuss three factors influencing demand for a commodity

Posted by Tom Jerry 7 years ago

CBSE > Class 12 > Economics

2 answers

Yogita Ingle 7 years ago

(a) OWN PRICE OF THE GIVEN COMMODITY

Own price is the most important determinant of demand.
When own price of a commodity falls, its demand rises and when own price rises, its demand falls.
Thus we can say that there is an indirect relation between price of a commodity and its quantity demanded.

(b) PRICE OF RELATED GOODS

When the price of the substitute goods rises then demand for the given commodity also rises and vice-versa.
Like, if Price of Maruti Swift increases, demand for i20 will rise.

(c) INCOME OF THE CONSUMER
(i) Normal Goods (Positive relation)

These are the goods whose demand rises with the rise in income. E.g. Basmati Rise

(ii) Inferior Goods (Negative relation)

These are the goods whose demand falls with the rise in income and vice versa. e.g. Low quality rice.

(iii) Necessities:

A third category is also there, necessities, demand for these generally do not change with change in income e.g. life-saving drugs.
(d)TASTE AND PREFERENCES OF THE CONSUMER

Demand for a commodity is also affected by taste and preferences.
It rises if there is a favorable change in the taste and preferences of the consumer and vice versa.

1Thank You

Hemant Ghritlahre 7 years ago

Price, income, price of related goods, future expectations regarding price, taste and preferences, distribution of income, numbers of population

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ANSWER

Consumer equilibrium in case of two commodities and a single commodity in a single diagram.

Posted by Saroj Agrahari 7 years ago

CBSE > Class 12 > Economics

0 answers

ANSWER

A consumer consumes two goods X and Y what happen if mux /px is greater than muy /Py

Posted by Tom Jerry 7 years ago

CBSE > Class 12 > Economics

2 answers

Tom Jerry 7 years ago

Tnx bro

1Thank You

Umesh Kumar 7 years ago

Consumer buy more of goods X as compared to good Y then acoording to law of DMU the marginal utility of goodX decrease.

1Thank You

ANSWER

Explain consumer's equilibrium in case of two commodities with the help of utility analysis

Posted by Tom Jerry 7 years ago

CBSE > Class 12 > Economics

3 answers

Tom Jerry 7 years ago

Tnx bro

1Thank You

Hemant Ghritlahre 7 years ago

Sorry MUx /Px =MUy /py =MUm

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Hemant Ghritlahre 7 years ago

Consumer needs to consume 2 goods x and y in order to satisfy their needs. MUx/Px = MUy/px= MUm. According to this consumer will reach on equilibrium point.

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ANSWER

When aggregate demand more than the aggregate supply

Posted by Umesh Kumar 7 years ago

CBSE > Class 12 > Economics

2 answers

Umesh Kumar 7 years ago

Thanks bro..

1Thank You

Subhash Bazzad 7 years ago

Then price rises and inflation occurs.

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ANSWER

What is consumer equilbrium

Posted by Mohd Samar Samar 7 years ago

CBSE > Class 12 > Economics

3 answers

Abhay Pandey 7 years ago

Consumer equilibrium refers to the position of rest which provides maximum satisfaction to the consumer and he has no tendency to change the present situation

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Rahul Batra 7 years ago

It is a situation where a consumer attains max satisfaction by spending his limited income...

2Thank You

Gopi Soni 7 years ago

A conusumer equilibrium two comdity

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Redisitribution of income and expenditure

Posted by Pooja Dixit 7 years ago

CBSE > Class 12 > Economics

0 answers

ANSWER

What is ad.

Posted by Saurav Arora 7 years ago

CBSE > Class 12 > Economics

3 answers

Sumit Pal 7 years ago

It refers to sum of demand of all final goods and services in the economy during an accounting period

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Tom Jerry 7 years ago

Aggregate demand is the total demand for final goods and services in economy. It refers to the ex-anti total expenditure which all the sectors in the economy are willing to spend on purchase of goods and services

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Subhash Bazzad 7 years ago

Aggregate demand is the total demand as whole

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ANSWER

What is aggregate demand and supply?

Posted by Hemant Ghritlahre 7 years ago

CBSE > Class 12 > Economics

3 answers

Sumit Pal 7 years ago

AD refers to sum of demand of all final goods and services in the economy during an accounting period. AS refers to sum of supply of all good and services during an accounting year

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Hemant Ghritlahre 7 years ago

Tq bhai

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Barinder Rupal 7 years ago

Aggregate demand Is total demand for final goods in given economy at thr given price and . Aggregate supply is total of all final good that firm plan to produce during specific time period.

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ANSWER

New syllabus 2019_20 ka sylabus kb tak ayega class 12 ka

Posted by Mayank Hi 7 years ago

CBSE > Class 12 > Economics

0 answers

ANSWER

Discuss the concept of monotonic preferences

Posted by Tom Jerry 7 years ago

CBSE > Class 12 > Economics

3 answers

Yogita Ingle 7 years ago

Monotonic preferences. Consumer's preferences are monotonic if and only if between two bundles, consumer prefers the bundle which has more of atleast one of the good and not less of other good as compared to other bundles. In other words consumer's preferences are called monotonic when between any two bundles (x₁, x₂) and (y₁, y₂), if (x₁, x₂) has more of at least one of the goods and no less of the other good as compared to (y₁, y₂) ), the consumer prefers (x₁, x₂) to (y₁, y₂)
For example, between two bundles (10, 9) and (9, 9), consumer's preference of bundle (10, 9) to (9, 9) will be called monotonic preference.