Question: List and explain the axioms of ordinal utility analysis c. Explain clearly the meaning and difference (if any) between the following economics terms: i. Necessary

List and explain the axioms of ordinal utility analysis

c. Explain clearly the meaning and difference (if any) between the following economics terms:

i. Necessary and sufficient condition2 Marks

ii. Arc and point elasticity2 Marks

iii. Compensated and ordinary demand functions2 Marks

iv. Production and production function2 Marks

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