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Nirmal Tanwar posted an Question
March 02, 2021 • 14:42 pm 1 points
  • UGC NET
  • General Paper 1

Explain cardinal approach to consumer equilibrium in detail

Explain Cardinal approach to consumer equilibrium in detail

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  • Rucha rajesh shingvekar best-answer

    Cardinal Utility is the idea that economic welfare can be directly observable and be given a value. For example, people may be able to express the utility that consumption gives for certain goods. For example, if a Nissan car gives 5,000 units of utility, a BMW car would give 8,000 units.

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    can u explain me consumer's equilibrium -one commodity model, two commodity model, multi commodity level

  • Rucha rajesh shingvekar best-answer

    Definition: The Cardinal approach to Consumer Equilibrium posits that the consumer reaches his equilibrium when he derives the maximum satisfaction for given resources (money) and other conditions. ... Therefore, the consumer is said to be in equilibrium.

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    Ronak kumari upadhyay Best Answer

    dear student cardinal means which can be explained in mathematical units. Cardinal utility, is based on marginal utility analysis. As against this, the concept of ordinal utility is based on indifference curve analysis.The Cardinal approach to Consumer Equilibrium posits that the consumer reaches his equilibrium when he derives the maximum satisfaction for given resources (money) and other conditions

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    thanks u mam

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    I want explanation about consumer's equilibrium commodity model

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