difference between ordinal and cardinal measurement of utility ( 4 marks )
When does a consumer buys less of a commodity at a given price ?
what is the meaning of indifference set
Distinguish between Substitute goods and Complementary goods.
define law of demand. discuss its assumptions and factors affecting demand
How is PPC affected by unemployment in the economy? Exaplain.
if two demand curves intersect which one has the higher price elasticity.
What is the difference between demand and quantity demanded?
what are the four basic limitations of utility analysis?
Explain law of diminishing marginal utility with the help of utility schedule.
Explain why an indifference curve to the right shows higher utility level.
What is cross elasticity of demand ? Explain it with examples?
Law of Demand is a qualitative statement. Comment.
What are giffen goods? Explain with an example...
difference between ordinal and cardinal measurement of utility ( 4 marks )
When does a consumer buys less of a commodity at a given price ?
what is the meaning of indifference set
Distinguish between Substitute goods and Complementary goods.
define law of demand. discuss its assumptions and factors affecting demand
How is PPC affected by unemployment in the economy? Exaplain.
if two demand curves intersect which one has the higher price elasticity.
What is the difference between demand and quantity demanded?
what are the four basic limitations of utility analysis?
Explain law of diminishing marginal utility with the help of utility schedule.
Explain why an indifference curve to the right shows higher utility level.
What is cross elasticity of demand ? Explain it with examples?
Law of Demand is a qualitative statement. Comment.
What are giffen goods? Explain with an example...