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Kannada Summary

The document contains questions and answers about economic concepts. It defines budget line as a graphical representation of possible combinations of two goods that can be purchased with a given income and prices. It defines cardinal utility analysis as measuring utility with cardinal numbers. It defines marginal utility as the utility derived from consuming an additional unit of a good. It also defines indifference curve as a graphical representation of alternative combinations of goods providing the same satisfaction.

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Madhu
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219 views2 pages

Kannada Summary

The document contains questions and answers about economic concepts. It defines budget line as a graphical representation of possible combinations of two goods that can be purchased with a given income and prices. It defines cardinal utility analysis as measuring utility with cardinal numbers. It defines marginal utility as the utility derived from consuming an additional unit of a good. It also defines indifference curve as a graphical representation of alternative combinations of goods providing the same satisfaction.

Uploaded by

Madhu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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IV Answer the

following questions in a sentence/word.


(Each question carries 1 mark).
1. What is
budget line?
A graphical
representation ofall possilble combinat ions of two goods
which canbepurchased with given income and given prices is called budget
line
Springs

cs14 Micro Economics/15


2. What do you mean
by cardinal Utility Analysis?
Possible to measure utility in a cardinal numbers such as I,2, 3, 4 ete
is called cardinal utility
approachanalysis.
3. Give the
meaning of marginal utility?
The utility derived from the
consumption of an additional unit of
rice. commodity is called marginal utility analysis.
4. What is Utility?
Want satisfying power ofa
commodity or service is caled Utility.
5. Expand MRS.
Marginal Rate ofSubstitution.
6. What do you mean by Indifference curve?
The graphicalrepresentation of various alternative oombirations ofgoods
which provide the same level of satisfaction to the consumer is called
Indifference Curve.
7. What is demand?

rve
The quantity of a good that a consumer purchases in a market at a
particular price, at a particular time is called Demand.

V Answer the following questions in 4 sentences


(Each question carries 2 marks)

1. What are the differences between budget line & budget set?

The following are the important differences between Budjet Set and
Budjet Line: They are:
urve
Budget Line Budget Set
1. Agraphicalrepresentation ofall 1. Budget set includeall the pos-
possible combinations of two sible bundles which cost less
goods which can be purchased than or equal to consumer
oods with given income and given money income.
udget prices is called budget line.

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