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Which of the following are not the assumptions related to the theory of consumer behaviour as per the cardinal utility approach?
1. Rational consumer
2. Unlimited money income
3. Utility cardinally measurable
4. Diminishing marginal utility of money
5. Constant marginal utility of commodities
6. Maximisation of satisfaction
7. Utility is additive
The MC curve reaches its minimum point before the AVC curve and the AC curve. In addition the MC curve intersects the AVC curve and the AC curve at their lowest point. The above statements are both true
Assertion (A) Total utility will be maximum, when marginal utility to price of respective products are equal.
Reason (R) Deviation from this situation leads to reduction in maximum utility.
Marginal utility is equal to average utility at that time when average utility is ----
Marginal utility is equal to average utility at that time when average utility is
Cardinal utility analysis of consumer's behaviour is based on which combination of the following assumptions: (i) Utility is measurable in terms of cardinal number. (ii) Constancy of the marginal utility of money (iii) Utilities of different goods are interdependent (iv) Gossen's first law of consumption Choose the correct answer from the code given below:
Assertion (A): Utility will be maximized when the marginal units of expenditure in each direction bring the same increment of utility.
Reason (R): A consumer will try to maximize his utility.
Cardinal utility analysis of consumer's behaviour is based on which combination of the following assumptions:
I. Utility is measurable is terms of cardinal numbers
II. Constancy of the marginal utility of money
III. Utilities of different goods are interdependent
IV. Gossen's first law of consumption
Choose the correct answer
In the question given below, there is a statement followed by two assumptions numbered I and II. You have to consider the statement and the following assumptions, and decide which of the assumptions is/are implicit in the statement : Statement : Equality of income throughout a community is the essential condition for maximizing the total utility which can provide total available income to the members of that community. Assumptions : (I) If extra incomes were taken from the rich and given to the poor, the total utility experienced by the community would increase (II) Equal pay for equal work
Directions : In each of the following questions a statement is given, followed by two conclusions. Give answer : Statement : Equality of income throughout a community is the essential condition for maximizing the total utility which the total income available could confer on the members of that community. Assumptions : I. If extra income were taken from the rich and given to the poor, the total utility experienced by the community would increase. II. Equal pay for equal work.