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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
When labour is plotted on X-axis and capital is plotted on Y-axis and an iso-quant is prepared, then which of the following statements is/are false ? (a) Marginal rate of technical substitution of labour for capital is equal to the slope of the iso-quant. (b) Marginal rate of technical substitution of labour for capital is equal to change in the units of capital divided by the change in the units of labour. (c) Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.
When labour is plotted on X-axis and capital is plotted on Y-axis and an isoquant is prepared, then which of the following statement(s) is/arefalse?
1. Marginal rate of technical substitution of labour for capital is equal to the slope of the iso-quant.
2. Marginal rate of technical substitution of labour for capital is equal to change in the units of capital divided by the change in the units of labour.
3. Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.
Below are given two sets in which Set I gives the named theory of Intelligence which set II indicated their main proponents and contentions associated with the theory. Match the two sets. Set I (Theory of Intelligence) Set II (The main proponents and contentions) (a) Multiple Factor Theory (i) Sternberg, intelligence can be taught and the classroom is the logical place to teach it. (b) Theory of Multiple Intelligence (ii) Cattell, intelligence is neither completely monarchic, nor oligarchic nor anarchic. (c) Theory of Fluid and Crystallized Intelligence (iii) Thurstone, intelligence is oligarchic in nature. (d) Coping Theory of Intelligence (iv) Gardner, intelligence is a capacity with component processes and should not be confused with a learning or cognitive style.   Choose correct answer from following.
Suppose that there are two goods, X and Y, facing a consumer. The prices are Px = Rs. 4 and Py = Rs. 5. He has Rs. 110 to spend on these goods. Suppose, he is currently buying 15 units of good X (with marginal utility equal to 40) and 10 units of good Y (with marginal utility equal to 45).
In the above context, which one of the following statements is correct?
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.
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.