A condition for consumer utility maximization is
...A condition for consumer utility maximization is
Equality of the ratio of marginal utilities and the ratio of prices
Equality of the ratio of average utilities and the ratio of prices
Equality of the marginal utility to total utility ratio for both commodities
Total utility and marginal utility must be zero
Correct answer is A
In Utility Maximization, the consumers decide to spend their money so that the amount spent on each product purchased yields the same amount of extra marginal utility. The consumer would maximize its utility when marginal utility equals the price paid for the commodities.
Balance of payment surplus implies that the value of the country’s ...
Division of labour requires that, the tasks in a production line be performed ...
The public sector of an economy includes ...
The Joint Stock Company can be a company whose minimum membership is ...
The production cost that varies inversely with output is the ...
The mobility of labour is mainly determined by ...
If a country operates a freely floating exchange rate system and suffers a balance of payment,&...
The quantity of commodity a consumer is willing and able to buy at a particular time is called ...
Goods sold in perfectly competitive markets are generally ...
Which of the following is an advantage of division of labour? ...