The Hicksian welfare measures can be used for the evaluation of any change of state as long as the agent's indirect utility for income is well defined before and after the change. The set of optimal commodity vectors in the EMP is denoted as h(p,u) ⊂ RL+. It is known as the Hicksian or compensated demand corresponding or function if [...]
The theory of revealed preference allows us to use information about consumer choices to inter how the consumer must rank bundles if he is maximizing utility with budget constraints. Alternatively, the revealed preference model explains that how the consumer spends his income with given prices of different commodities. The change in price allows consumer to buy of more or less [...]
Read this article in Hindi to learn about the two main types of supply curve widely used to explain the quantity supplied of commodities, with the help of suitable diagrams. पूर्ति तालिका के आधार पर पूर्ति वक्र प्राप्त होता है । ग्राफ पेपर पर जब पूर्ति तालिका को रेखाचित्र के माध्यम से व्यक्त किया जाता है तब हमें पूर्ति वक्र [...]