Microeconomics
What do you mean by demand? – Microeconomics | Management Notes
Cardinal and Ordinal Utility Analysis| Microeconomics
The priceCardinal Utility Analysis
Cardinal Utility Approach | Microeconomics
Management Notes
Higher the indifference curve yields higher level of satisfaction .Why? – Microeconomics | Management Notes
Why indifference curve is convex to origin? – Microeconomics | Management Notes
Write any four assumptions of indifference curve analysis -Microeconomics | Management Notes
Define indifference curve. – Microeconomics | Management Notes
Write down the conditions required for the consumer’s equilibrium according to the ordinal utility approach.- Microeconomics | Management Notes
Define price effect. – Microeconomics | Management Notes
What is Price Consumption Curve (PPC)? – Microeconomics | Management Notes
Define income effect – Microeconomics | Management Notes
Engel Curve – Cardinal Utility Approach | Microeconomics
Engel Curve
An Engel curve is a curve that shows the optimum quantity of a commodity purchased at different levels of income. In other words, Engel’s curve indicates how much quantity of a commodity a consumer will consume at different levels of his income in order to be in equilibrium. When prices and preferences are constant, the Engel Curve is the locus of all quantity demand points for the goods at various income levels. The Engel curve was named for German statistician Ernst Engel (1821-96) and represents a relationship between the demand for a good and the income of its buyers, the former depending on the latter. An individual’s Engel curve, however, can be obtained from his ICC.