
Difference between Macroeconomics and Microeconomics
Introduction to Microeconomics and Macroeconomics The term microeconomics and macroeconomics were coined by Ragnar Frisch in 1930. He classified economics into two branches; Microeconomics and …
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Introduction to Microeconomics and Macroeconomics The term microeconomics and macroeconomics were coined by Ragnar Frisch in 1930. He classified economics into two branches; Microeconomics and …
We are discussing here the important question answer of microeconomics from an exam point of view. But note that it is only a short question …
What is Cross elasticity of Demand? . The cross elasticity of demand for any goods measures the change in consumer behavior due to a change …
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 …
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 …
Table of Contents Definition of Total Product (TP) In economics, Total product is the output produced by the firm within the given period of time …
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 …
Table of Contents Concept of Demand Demand refers to the wiliness and ability of consumers to purchase goods and services from the market at various …
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