Which of the following can be referred to in the estimation of poverty?  

This question was previously asked in
SSC CGL 2023 Tier-I Official Paper (Held On: 19 Jul 2023 Shift 2)
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  1. Average Marginal Utility 
  2. Maximum Support Value  
  3. Minimum Support Price 
  4. Monthly Per Capita Expenditure 

Answer (Detailed Solution Below)

Option 4 : Monthly Per Capita Expenditure 
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Detailed Solution

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The correct answer is Monthly Per Capita Expenditure.

Key Points 

  • Monthly Per Capita Expenditure:-
    • 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.

    • This is calculated by taking the total monthly expenditure of the population and dividing it by the total number of people in that population.

    • Formula:- Monthly Per Capita Expenditure = Total monthly expenditure / Total population.

    • It can be referred to in the estimation of poverty.

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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