(i) Consumer is rational.                     (ii) No limit on money income. (iii) Utility cardinally measurable.      (iv) Diminishing marginal utility of money. (v) Diminishing marginal utility of commodities.   (vi) Maximization of satisfaction. (vii) For calculating total utility, individual utilities of commodities are to be multiplied.

a. Demand Analysis b.Production and Cost Analysis c.Pricing and Investment Decisions d. Factor pricing Decisions e. Economic Environmental Analysis

List – I List – II (a) GDP (i) National income (b) GDP at factor cost (ii) NDP plus Net flow of income from abroad (c) NNP at factor cost (iii) Money value of final goods and services produced (d) NNP Code :   (iv) Total gross value added by all enterprises in the economy

List – I List – II (a) Positive income elasticity (i) Substitute goods (b) Negative income elasticity (ii) Complementary goods (c) Positive cross elasticity (iii) Inferior goods (d) Negative cross elasticity (iv) Superior goods

List – I List – II (a) Marginal Productivity/Average Productivity (i) Isoquant curve (b) Substitutability of inputs (ii) Isocost line (c) Constant Negative Slope (iii) Production Function (d) Convex to origin (iv)Elasticity of Production

Assertion (A) : Ridge Lines in isoquant map set the limits for the positive productivities of the respective inputs used in the production process. Reasoning (R) : Isoquants will slope positively if the use of an input is increased beyond the limit set by the ridge lines.