Explain the law of supply and demand?

Introduction The Law of demand refers that when the price increases then the quantity demanded of that commodity decreases and vice-versa, other things remain the same. There …

different types of goods in economics

Different Types of goods in Economics

Introduction When economists have been studying the market economy, they saw that different goods react distinctively when there is a change in economic variables(price, income, …

types of elasticity of demand

Types of Cross Elasticity of Demand

What is Cross elasticity of Demand? [su_highlight background=”#ffdb99″ color=”#0c0b0b”]Cross elasticity of demand is a measure of how much the quantity demanded of good changes, responds …

income elasticity greater than unity

Income elasticity of Demand

Definition: The income elasticity of demand measures how the quantity demanded changes as consumer income changes. Economists compute the income elasticity of demand as the …

Price elasticity of demand

Elasticity of Demand

Introduction: The concept of elasticity of demand was first introduced by the classical economists A.A. Cournot and J.S. Mill. Later on, neo-classical economist Alfred Marshall …

Law of variable proportion

Law of Variable Proportion with diagram

Introduction The law of variable proportion was first introduced by the economists like Joan Robinson, Alfred Marshall, Benham, etc. This law only applies to short-run …


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