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Consumer Equilibrium Through Ordinal Approach Free Doubts and Solutions

CBSE - XII Commerce - Microeconomics - Theory of Consumer Behaviour

What are the properties of indifference curves, ICs?

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CBSE - XII Commerce - Microeconomics - Theory of Consumer Behaviour

Explain the equality of the MRS and the price ratio.

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CBSE - XII Commerce - Microeconomics - Theory of Consumer Behaviour

Why should the consumer’s optimum point be located on the budget line?

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CBSE - XII Commerce - Microeconomics - Theory of Consumer Behaviour

What is a utility function?

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CBSE - XII Commerce - Microeconomics - Theory of Consumer Behaviour

Explain indifference map with diagram.

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CBSE - XII Commerce - Microeconomics - Theory of Consumer Behaviour

Why do the indifference curves slope downwards?

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CBSE - XII Commerce - Microeconomics - Theory of Consumer Behaviour

What is Marginal Rate of Substitution?

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CBSE - XII Commerce - Microeconomics - Theory of Consumer Behaviour

If the consumer is indifferent to the bundles (6, 7) and (7, 7), is the preference of the consumer monotonic?

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CBSE - XII Commerce - Microeconomics - Theory of Consumer Behaviour

If a consumer’s preference is monotonic, can the consumer be indifferent between the combinations (10, 8) and (8, 4)?

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CBSE - XII Commerce - Microeconomics - Theory of Consumer Behaviour

What is monotonic preference?

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