Posted by Enda Mary Khongsit 2 days, 13 hours ago
Correlation is a statistical tool which studies the relationship between two variables e.g. change in price leads to change in quantity demanded.
Correlation studies and measures the direction and intensity of relationship among variables. It measures co-variation not causation. It does not imply cause and effect relation.
Posted by Steffi Kakkar 3 days, 4 hours ago
Posted by Yash Rajput 5 days, 2 hours ago
An index number is a statistical device for measuring changes in the magnitude of a group of related variables.
Features of Index Number
Posted by Reshab Tamang 1 week, 1 day ago
Firm. A firm is a single producing unit which produces goods and services for sale. Its main objective is to earn maximum profit.
Industry. An industry is an aggregate of all the firms producing the same product or interrelated product Alternatively, all the firms producing and selling the same or differentiated products of close substitutes are collectively known as an industry. For instance, firms manufacturing shoes will be collectively called shoe industry. Clearly a firm is a part of an industry.
Price determination. (Industry price-maker and firm price-taker). Under perfect competition, price of a commodity is determined by the equilibrium between market demand and market supply of the whole industry. So, the industry is called the price-maker. Here demand and supply represent total demand and total supply of industry. No individual firm can influence the price because its share in total supply is insignificant. Every firm has to accept the given price and adjust its level of output. It has no option but to sell the product at a price determined at industry level. If is because of this reason that firm is said to be price-taker and industry, the price-maker. This price is also called equilibrium price, because at this price quantity demanded is equal to quantity supplied. This can be illustrated with the help of the following demand and supply schedule and diagram of the industry:
Posted by Ashok Malik 1 week, 1 day ago
Posted by Padalam Kulesika 1 week, 1 day ago
A budget constraint represents all the combinations of goods and services that a consumer may purchase given current prices within his or her given income. Consumer theory uses the concepts of a budget constraint and a preference map to analyze consumer choices
An Economics tutor answered. Slope of a budget line is the "price ratio" of the two goods. ... Since the slope is constant we will get a straight line. The only case where a budget line may be non linear is the case of kinked constraints.
Posted by Rishi Tomar 1 week, 3 days ago
Univariate Frequency Distribution
Bivariate Frequency Distribution :
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