Open AccessDetermination of Break-Even Point through Consumer Preference Relation
Author(s) -
Gopal Man Pradhan,
Phanindra Kumar Katel
Publication year - 2021
Publication title -
the batuk
Language(s) - English
Resource type - Journals
eISSN - 2565-4934
pISSN - 2392-4802
DOI - 10.3126/batuk.v7i2.39503
Subject(s) - preference , preference relation , pleasure , mathematical economics , relation (database) , representation (politics) , point (geometry) , revealed preference , group (periodic table) , function (biology) , social psychology , economics , mathematics , psychology , microeconomics , computer science , geometry , database , neuroscience , evolutionary biology , politics , political science , law , biology , chemistry , organic chemistry
Social choice theory beliefs about how the consumers function to chose their interested goods and services. Preference relation with affine indifference curves that has a concave representation has a linear utility representation. This study asks how individual preference relations might be combined to give a single ordering which captures the overall wishes of the group of individuals. There are certain properties that one would like such a utility rule, utility have thus become a more abstract concept that is not necessarily solely based on the satisfaction or pleasure received. Concept of cardinal utility is studied in three different situations Debreu (1958) gave quite different approach. This study maintains link between mathematical theory and financial concept to determine break-even point through the consumers’ preference relation.