Question

conclusion for ordinal utility approach to consumer equilibrium ​

Answer 1

Explanation:

They are named as Tropical evergreen forests, Tropical deciduous forests, Tropical thorn forests, Montane forests, and Swamp forests. Although different geographers divide the forests into many other categories, these are supposed to remain uniform throughout the country.

Answer 2

Explanation:

i. Rationality:

Implies that a consumer is a rational being and aims at maximizing the total satisfaction given the income and prices of goods and services.

ii. Ordinal Utility:

Assumes that utility is expressible only in ordinal terms. This implies that a consumer is only able to express his/her preference for goods