Economists use the concept of marginal utility to measure happiness and pleasure and how that affects consumer decision making. They have also identified the law of diminishing marginal utility, which means that the first unit of consumption of a good or service has more utility than the next units of consumption.Hence, the marginal utility of the good diminishes as the amount of good consumed increases.

Only if either demand or supply was either completely elastic or inelastic will the tax burden fall entirely on either the buyer or the seller. Between these 2 extremes, tax incidence varies continuously from a perfectly inelastic supply or perfectly elastic demand, where the sellers assumes the entire burden of the tax to the perfectly elastic supply or perfectly inelastic demand where the buyers bear the entire burden. To better see how the elasticity of supply and demand affects tax incidence, consider a 20% tax on a can of soda. Suppose the government decides that the buyer should pay the 20% tax. Does this mean that the buyers will be paying 20% more, or will sellers have to share some of the tax burden? Since higher prices decrease demand, regardless of the reason for the higher prices, sellers will share some of the burden. How much of the burden will be determined by the elasticity of supply and demand for the product?

Statements 1 & 4 are true with respect toSir Syed Ahmad Khan.

The Elephanta Caves are located in Western India on Elephanta Island (otherwise known as the Island of Gharapuri), which features two hillocks separated by a narrow valley. The name Ardhanarishvara (famous statue of Elephanta) means the Lord Who is half woman, Ardhanarishvara is also known by other names. The Gupta-era writer Pushpadanta in his Mahimnastava refers to form as dehardhaghatana. Utpala, commenting on the Brihat Samhita, calls this form Ardha-gaurishvara, the Vishnudharmottara Purana simply calls this form Gaurishvara.Buddhist caves in Elephants and the caves built by the followers of Pashupata cult (a Shaivite Hinduschool).The island and its resident caves received the name 'Elephanta' from Portuguese invaders after the discovery of a black stone sculpture of an elephant on the island.