A Consumer's total utility level being the same, the amount of good 'X' that the consumer has to forego, in order to get an additional unit of good Y is termed as :

A consumer is consuming two goods X and Y.

If Muy=20, Mux=60 price of good Y=Rs 4, then what will be the price of good X if consumer it at equilibrium.

What are the features of an Indifference Curve?

(A) Indifference curve slopes upwards from left to right.

(B) Higher indifference curve gives greater level of utility.

(C) Indifference curve slopes downwards from left to right

(D) Two indifference curves never intersect each other

Choose the correct answer from the options given below:

Which one of the following statements is most suitable to the law of diminishing marginal utility?

Suppose Prachi buys 30 bananas when its price is Rs. 10 per banana. When the price increases to Rs. 14 per banana, she reduces her demand to 24 bananas. What is the price elasticity of demand in absolute terms?

An explanation for a downward sloping demand curve rests on the notion of :

The equation of demand curve of a good for a consumer is given to be $p\times q = e$ where e is a constant. What will be the shape of the demand curve?