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illustrate and explain e the consumer equilibrium ender cardinalist and ordinalist?
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Consumer equilibrium utility approach?
when does consumer attain equilibrium under the utility approach
What is Consumer equilibrium under ordinal utility approach?
Consumer equilibrium is the point where consumer attains highest level of satisfaction. There are two conditions of equilibrium under ordinal approach 1- Necessary Condition: 'Budget line is tangent to the highest possible indifference curve.' 2- Sufficient Condition: 'At equilibrium, Indifference curve must be convex to the origin' Thus, at equilibrium , Px/Py (absolute slope of Budget line) = dy/dx (absolute slope of Indifference Curve) (In simple words, it'd determination of consumer's equilibrium with the help of Indifference curve.)
How does convergence promote consumer welfare?
under what condition international convergence promote consumer to taste?
What is market equilibrium under perfect competition?
it is a state in which market demand = market supply
True or False If a local Christmas tree farmer is earning a producer surplus on each Christmas tree he sells then his customers cannot enjoy any consumer surplus on the Christmas trees they buy?
False. It depends on the price consumers are willing to pay for the producer's Christmas tree. For example, if the producer is willing to sell his tree at $3 but the market price is $5, then the surplus for the producer is $2. Say, a consumer is willing to buy the tree at $15, then the consumer surplus us $10. Remember that the consumer surplus is the are under the demand curve and above the horizontal line passing through the equilibrium price. As long as this area exists, then it is possible for consumers to enjoy a consumer surplus.
Consumer equilibrium utility approach?
when does consumer attain equilibrium under the utility approach
What is Consumer equilibrium under ordinal utility approach?
Consumer equilibrium is the point where consumer attains highest level of satisfaction. There are two conditions of equilibrium under ordinal approach 1- Necessary Condition: 'Budget line is tangent to the highest possible indifference curve.' 2- Sufficient Condition: 'At equilibrium, Indifference curve must be convex to the origin' Thus, at equilibrium , Px/Py (absolute slope of Budget line) = dy/dx (absolute slope of Indifference Curve) (In simple words, it'd determination of consumer's equilibrium with the help of Indifference curve.)
What is a cardinal classified under?
A Cardinal Is A Bird Which Is Classified As An Avian
Behavior of a consumer if the prices of a commodity change holding his money income constant under the ordinalist approach?
Depend on the change; higher prices or lower ones.
How many cardinals does it take to elect the pope?
It takes 2/3 of the cardinal electors at the time to elect a pope. A cardinal elector is a cardinal under age 80.
In what cardinal is Topeka?
There is no cardinal of Topeka. Topeka is within the Archdiocese of Kansas City currently (2011) under Archbishop Joseph Fred Naumann (2005-present). He is not a cardinal.
What you call the bishops that elect the pope?
All cardinal under the age of 80 are eligible to vote in a papal conclave. They are known as cardinal electors. For a complete list of all current cardinal electors click here.
Under which king did Cardinal Richelieu serve?
Louis XIV
French cardinal and prime minister under Louis XIV 1643-1661?
CARDINAL RICHELIEU, whose proper named is Armand Jean du Plessis, Cardinal-Duke of Richelieu and of Fronsac, was the French Cardinal and Prime Minister of France who effectively ruled the country during Louis XIII's reign.
What temperature is the reaction at equilibrium?
The temperature will depend on the reaction that is under consideration.
Who is a consumer under consumer protection act?
he is a good man with a lots of rights.
What does Le Chtelier's principle say about upsetting a system at equilibrium?
Le Chatelier principle says, if a restriction is applied to a system in equilibrium, the system adjusts to a new equilibrium that tends to counteract the restriction. When equilibrium is under stress it will shift to relieve that stress. or all concentrations would change.
