The formula for the measurement of price elasticity of demand is

The price elasticity of supply is elastic when

The wants satisfying power of a commodity or service is

Ordinal utility approach postulation that utility

1. Can be measured
2. Need not be measured
3. Can't be measured
4. Rank his order of preference 

The assumption of revealed preference theory states that conusmer has to choose 

If the marginal rate of substitution is increasing, the indifference courve will be