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How you derive demand curve of a product using ordinal theory?
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What is the rule of supply and demand?
Supply depends on demand.The demand is how much a product is wanted.The supply is how many of a certain product is made.It depends on demand because if a product is not getting enough demand, the supply will come to a stop or become very low.
What is the paradoxical demand curve?
Paradoxical demand curve is a theory that the slope of a product will change a different times. This is called Griffin's Paradox.
What is ordinal approach to the theory of consumer behavior?
ordinal approach to the theory of consumer behaviour is consumer's ability to rank his preference for various combination of products. It uses Indifference curve to analyse these preferences.
What is the income consumption curve?
Income Consumption curve (icc) is a curve which determine the consumption of a consumer base on in his/her income When Income is High, Spending Capacity increases, higher the spending capacity - more the demand. Thus converse to the original demand theory which says, PRICE determines Demand, ICC theory says, INCOME of a PERSON determines the Demand for a Product
Which theory says that inflation occurs when the demand for goods exceeds the existing supply?
demand pull theory
What is an explanation of the revealed preference theory?
The Revealed Prfeference Theory has been propunded by Prof.Samuelson. This theory has been based upon behaviorial ordinal oproach.This theory known as Consumption theory and different from Hicks and Marshall utility theory of the demand.
Define ordinal utility?
Ordinal utility is a concept in economics that refers to the ranking of preferences among different alternative choices based on satisfaction or utility derived by an individual. It does not assign a specific numerical value to the level of satisfaction, but simply ranks the different choices in order of preference. This approach helps in understanding consumer behavior and decision-making without needing to quantify utility levels.
What is the rule of supply and demand?
Supply depends on demand.The demand is how much a product is wanted.The supply is how many of a certain product is made.It depends on demand because if a product is not getting enough demand, the supply will come to a stop or become very low.
What is the paradoxical demand curve?
Paradoxical demand curve is a theory that the slope of a product will change a different times. This is called Griffin's Paradox.
Why is aggregate supply related to the price level?
This is in accordance to the Demand & Supply Theory... When the demand for a product is high and its supply is low, this usually causes the price of that commodity to increase Similarly when supply for a product is high and the demand for that product is low, it causes the price of that product to decrease. Hence the supply is inversely related to the price of any product (Provided the Demand is in accordance to the two points mentioned above)
What is the supply and demand theory?
what is the theory of suply and demand?
What is ordinal approach to the theory of consumer behavior?
ordinal approach to the theory of consumer behaviour is consumer's ability to rank his preference for various combination of products. It uses Indifference curve to analyse these preferences.
What are the similarities between cardinal and ordinal approach?
they both obey the diminishing returns theory
What is understocking?
Understocking involves supply and demand. When a company that produces a product understocks, this means that they produce less of the product than is in demand by consumers. In theory, this could be used to increase the demand of the product, therefore increasing the amount that a company can charge for the product. A company's goal is to produce enough of a product to meet, or only slightly less than meet the demand of said product. too much understocking, and the company doesn't sell enough of the product, and they lose money. If they produce too much of the product, than they don't sell their inventory, and prices go down, thus losing money.
What is the income consumption curve?
Income Consumption curve (icc) is a curve which determine the consumption of a consumer base on in his/her income When Income is High, Spending Capacity increases, higher the spending capacity - more the demand. Thus converse to the original demand theory which says, PRICE determines Demand, ICC theory says, INCOME of a PERSON determines the Demand for a Product
Which theory says that inflation occurs when the demand for goods exceeds the existing supply?
demand pull theory
Derive the scattering matrix of E-plane tee using s-parameter theory?
Derive the S matrix for E-plane Tee
