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Outline the limitations to cardinal approach in measuring utility.

QUETIONDistinguish between the following set of terms.(a)Depreciation and devaluation of a currency(b)Expantion parth and price consumption curve.(c)Transfer payment and transfer earnings.(d)Balance of trade and terms of trade(e)Gross national product at market price and net national product at factor cost.QUETION twoMaji Mazuri Water and Sewerage Company limited is the only water provider in Mjini city. The company supplies water to two distinct markets; domestic and commercial users.The demand for the company’s product in the two markets is represented by the following equations;Q1= 101 – 0.5p1Q2= 160.4 – 0.2P2

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