Pdf of Ordinal Utility?

 

What is productivity?

 The quantity of goods and services produced from each unit of labor input.

What is Market Power?

 Market Power is the ability of a single economic actor ( or small group of actors) to have a substantial influence on market prices.

Externality?

 Externality is the impact of one person's actions on the we'll bring of a bystander.

What is Market Failure?

 Market failure is a situation in which a market left on its own fails to allocate resources efficiently.

What is property rights?

 The ability of an individual to own and exercise control over scarce resources.

What is market Economy?

 Market economy is an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services.

PDf Of Cardinal Utility

 

The axiom of diminishing marginal utility

 The axiom of diminishing marginal utility 

The marginal utility of a commodity diminishes as the consumer acquires larger quantities of it. This is the axiom of diminishing marginal utility.

Assumption of Revealed preference Theory

 1.Rationality

2.Consistency

3.Transivity

4.The revealed preference axiom 

Assumption of Ordinal Utility.

 1.Rationality

2.Utility is Ordinal

3.Diminishing Marginal Rate Of Substitute

4.Total Utility

5.Cinsistency And Transitivity.

Assumption of Cardinal Utility

 1.Rationality

2.Cardinal Utility

3.Constant marginal Utility of Money

4.Diminishing Marginal Utility

5.Total Utility 

What is Ordinal Utility?

 What is Ordinal Utility?

When we rank utility is called ordinal utility.

What is Cardinal Utility?

 What is Cardinal Utility?

Utility which can be measured numerically is called cardinal utility.