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Definition of Sole Proprietorship Sole Proprietorship definition according to Prof Hynes Sole Proprietorship is that form of business which has a single owner, who has the total responsibility of the business, who runs the business and also bears the risk…
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IMPORTANCE OR BENEFITS OF THE LAW OF EQUI-MARGINAL UTILITY Law of Equi-Marginal Utility has an important place in economics. Even though it is highly criticized, its importance cannot be ignored. This applies in the every field of economics, which is…
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CRITICISMS, LIMITATIONS OR EXCEPTIONS OF LAW OF EQUI-MARGINAL UTILITY Following are the main reasons for the criticism of the Law of Equi-marginal utility by H. H. Gossen. Although, it is a basic law of economics and consumers knowingly or unknowingly are…
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How is Law of “Equi-marginal utility” helpful in maximizing the utility of a consumer? INTRODUCTION OF LAW OF EQUI-MARGINAL UTILITY We know that wants of every man are unlimited. Wants arise again and again but man has limited means (income) to fulfill…
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Measurement of Utility Utility is a Psychological and Personal Concept. There is a deference of opinion, whether we can measure utility or not. Followings are the two approaches are prevalent in this regard.
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Definition At a given time the overall utility derived from the consumption of all units of a commodity is called Total Utility.
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Definition of Marginal Utility Marginal Utility is the utility which is derived from the consumption of an additional unit of a commodity. In other words, it is the addition to total utility, resulting from adding one unit to the consumption of a…
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One man’s business is best in the world, if that one man is big enough to manage everything. Meaning of Sole Proprietorship Sole trader-ship (proprietorship) is that form of business organisation whose owner is just one person, who is called the sole…
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Introduction to Sole Proprietorship Sole trader-ship or proprietorship is the oldest form of business in all the countries of the world. Along with the progress of business its form has also been changing. But due to its simplicity, quick formation and…
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Meaning of Utility Utility means the power that satisfies any want. It is such an internal quality; which is found in all commodities desired by a person. The quality (power or capability) of commodity which satisfies the human want; directly or…
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