Question
Download Solution PDFWhich of the following can be referred to in the estimation of poverty?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Monthly Per Capita Expenditure.
Key Points
- Monthly Per Capita Expenditure:-
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It is used in economics and personal finance to describe the average monthly spending of each person in a defined population, such as a household, city, province, or country.
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This is calculated by taking the total monthly expenditure of the population and dividing it by the total number of people in that population.
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Formula:- Monthly Per Capita Expenditure = Total monthly expenditure / Total population.
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It can be referred to in the estimation of poverty.
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Additional Information
- Marginal utility:-
- It refers to the additional satisfaction or benefit (utility) that a consumer derives from consuming an additional unit of a good or service.
- The principle of diminishing marginal utility suggests that as a person consumes more and more of a good, the incremental benefit experienced from consuming another unit declines.
- Minimum Support Price:-
- It is generally used in the context of agricultural policies.
- MSP is a form of market intervention by the government to insure agricultural producers against any sharp fall in farm prices.
- The minimum support prices are announced by the government at the beginning of the sowing season for certain crops.
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