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
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, …
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 …
Important Question Answer of Microeconomics |BBA/BBS
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 …
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 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 …
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 …
Total Product | Definition| Formula |Curve
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 …
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 …
Demand – Concept |Demand Function | Law of Demand
Concept of Demand Demand refers to the wiliness and ability of consumers to purchase goods and services from the market at various prices per period …