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Why is indifference curve a closed set?
Indifference curve is a set of all the consumption bundles which are indifferent in the level of utility each bundle provide. Any bundle which provide higher utility will form another IC. Thus Indifference curve is a closed set.
How can a consumer can attain equilibrium through ic curve?
consumer attains equilibrium if the price of good by seller is same as price decided by buyer.
Why is ic curve is convx in nature?
The Indifference Curve (IC) is convex in nature due to the principle of diminishing marginal rate of substitution (MRS). As a consumer substitutes one good for another, the amount of the good being given up increases, leading to a decrease in the willingness to trade off one good for another. This results in a bowed-out shape, reflecting that consumers prefer balanced combinations of goods rather than extreme amounts of one good over another. Thus, the convexity of the IC illustrates the increasing opportunity cost associated with substituting between goods.
What is the incremental concept of managerial economics?
Incremental analysis includes two concepts Incremental cost Incremental revenue IC is the additional cost incurred for additional output. In other words changes in cost due to changes in level of output. Whereas IR is the additional revenue from additional output or the changes in revenue due to changes in output. For every business decisions there is IR and IC. In order to determine whether the decision is sound or not we should compare the IC and IR of every decision. If the IR exceeds the IC, or IR is equal to IC the decision can be assumed as a sound decision.
What is a budget line and how is it useful in reaching consumer equilibrium?
it is a line showing all possible combinations of two goods(goods-1 and good-2) which a consumer can buy with his given money income and the price of the goods prevailing in the market.anywhere on the budget line the consumer spends his entire income on either good1 or good2 or both the goods. each point on the budget line indicates the different combinations of good1 and good2 which a consumer can buy with his income. in indifference curve analysis consumer attains his equilibrium when the slope of price line/budget line is equal to the slope of indifference curve.equilibrium is attained at that point where ic curve is tangent to the price line.....
What does budget line show and what are its two basic properties?
Budget line(bl) is tangent to the indifference curve(ic) the slope of bl is same as that of ic.
Why is indifference curve a closed set?
Indifference curve is a set of all the consumption bundles which are indifferent in the level of utility each bundle provide. Any bundle which provide higher utility will form another IC. Thus Indifference curve is a closed set.
Can you define swirl ratio?
swirl ratio = air rotational speed / crank shaft speed of an ic engine
How can a consumer can attain equilibrium through ic curve?
consumer attains equilibrium if the price of good by seller is same as price decided by buyer.
Why is ic curve is convx in nature?
The Indifference Curve (IC) is convex in nature due to the principle of diminishing marginal rate of substitution (MRS). As a consumer substitutes one good for another, the amount of the good being given up increases, leading to a decrease in the willingness to trade off one good for another. This results in a bowed-out shape, reflecting that consumers prefer balanced combinations of goods rather than extreme amounts of one good over another. Thus, the convexity of the IC illustrates the increasing opportunity cost associated with substituting between goods.
How do you find the ic no and ic details?
The IC code is on the actual IC, you can find out its details by searching the IC code on Google.
What is bipolar ic?
ic made from bjt is known as bipolar ic
What are the Examples for linear ic and nonlinear ic?
op amp linear ic 7805 non linear ic
How can you spell cold with only 2 letters?
The letters "IC" pronounced properly can say "icy" meaning very cold.
What is the difference between IC7905 AND IC7805?
Both IC 7805 & IC 7905 are voltage regulators, IC 7805 is Ic 78xx series while IC 7905 is Ic 79xx series with xx representing voltage output
Why ic given name MC74HC08AN?
naming of IC is done according to manufacturer's name, ic type and IC number. i think MC means motorola is manufacturer. 74 means TTL IC. It is 7408 IC and H means high
Define stability factor?
beta is defined as the rate of change of collector current (Ic) with respect to the collector leakage current (Ico) keeping beta and (VBE) constant also (IB) constant.
