Question

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(1) Rational Consumer: Consumer is assumed to be rational
rational consumer is one who wants to get maximum satisfactio
d services) in such a manner that he maximises his total satisfaction.
Assumptions Relating to Consumer's Equilibrium
out of his given income.
(2) Cardinal Utility: Utility of every commodity can be measured
terms of cardinal numbers, such as, 1, 2, 3, 4, etc.
(3) Independent Utility: It is assumed that the utility that a consum
gets from a commodity depends upon the quantity of that ve
commodity alone. It is not affected by the consumption of oth
goods.
(4) Marginal Utility of Money is Constant: It is assumed that mon
measures the marginal utility of a commodity; as such, its ow
marginal utility should remain constant so as to serve as an ide
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measure.​

Answer 1

Explanation:

a particular position or place where something occurs or is situated.

Answer 2

Answer:

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