Cardinal utility analysis of consumer’s behaviour is based on which combination of the following assumptions:
i) The utility is measurable in terms of cardinal numbers
ii) The 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:
Match the items of List I with the items of List-II and choose the correct answer from the code given below.
Choose one of the following:-
Find the marginal revenue of a firm that sells a product at a price of Rs 10 and the price elasticity of demand for the product is (-) 2.
Assertion (A): At times, a business may face a situation where it has to shut down its operations.
Reason (R): If the revenue is less than its variable cost, the operation should be closed down.
In the context of the above two statements, which one of the following codes is correct?
The tangible goods for which a consumer wants to compare quality, price and perhaps style in several stores before making a purchase are called: