Posted by Ram Panda 8 hours ago
Posted by Chandnita Saini 19 hours ago
Supply is the quantity of goods a firm offers to sell in the market at a given price. Now the theory of supply states that with an increase in price the number of goods a firm wishes to supply will also increase
Posted by Solanki Jaydeep 1 day, 6 hours ago
Rightward shift in PPC indicates either advancement of technology or increase in the availability of the resources. increase in resources or improvement in technology.
Posted by Lipika Yadav 4 days, 7 hours ago
Utility is a term in economics that refers to the total satisfaction received from consuming a good or service. Economic theories based on rational choice usually assume that consumers will strive to maximize their utility. The economic utility of a good or service is important to understand, because it directly influences the demand, and therefore price, of that good or service. In practice, a consumer's utility is impossible to measure and quantify. However, some economists believe that they can indirectly estimate what is the utility for an economic good or service by employing various models.
Posted by Kanishka Dadhich 4 days, 17 hours ago
Consumer equilibrium refers to a situation, in which a consumer derives maximum satisfaction, with no intention to change it and subject to given prices and his given income. A rational consumer will purchase a commodity up to the point where price of the commodity is equal to the marginal utility obtained from the thing. If this condition is not fulfilled the consumer will either purchase more or less.
Posted by Shivam Kumar 4 days, 20 hours ago
Posted by Prince Bargahi 5 days, 7 hours ago
Posted by Nikhil Bhaskar 5 days, 18 hours ago
Our wants are unlimited but the resources used in the production of goods that satisfy our wants are limited and scarce. So we have to choose those wants that we want the most. For example, if in an economy there are two commodities; Butter and Shirt; then we have to choose which commodity we should purchase because of limited resources and scarcity.
Posted by Shavitaj Kaur 5 days, 22 hours ago
Individual supply schedule refers to a tabular statement showing various quantities of a commodity that a producer is willing to sell at various levels of price, during a given period of time. The supply curve plots the quantity that is willingly supplied at any given price. The individual supply curves can be summed by quantity provided at a specific price to achieve an aggregate supply curve. The supply curve is upward sloping in the short run.
Posted by Dhruv .. 6 days, 17 hours ago
A discrete variable can take only certain values.Its value changes only by finite ‘jumps’. It jumps from one values to another but does not take any intermediate value between them.
For example, in number of students in class Xlth could be 1,2,4,10,11,15,20, etc.
Posted by Sumit Sharma 1 week ago
Posted by Sunny Kumar 1 week, 2 days ago
Economics is a science that studies human behavior which aims at allocation of scarce resources in such a way that consumer can maximise their satisfaction, producers can maximise their profits and society can maximise its social welfare. ... Scarcity means shortage of goods and resources in relation to their demand
Posted by Aman Kr. Sharma 1 week, 2 days ago
Posted by Bibek Chetry 1 week, 2 days ago
The sum of the deviations of a given set of observations from their arithmetic mean is always zero. It is due to the property that the arithmetic mean is characterised as the centre of gravity. i.e. sum of positive deviation from the mean is equal to the sum of negative deviations.
x = 3+4+6+8+14 /5
∑(x i − x )=−8+8=0
Hence, the sum of the deviations about mean is 0.
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