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Yogita Ingle 6 years, 10 months ago
An index number is a statistical device for measuring changes in the magnitude of a group of related variables.
Features of Index Number
- Index numbers are expressed in terms of percentages. However, percentage sign (%) is never used.
- Index numbers are relative measurement of group of data.
- Index numbers offer a precise measurement of the quantitative change in the concerned variables over time.
- Index number show changes in terms of averages.
- They are expressed in numbers.
- Index number facilitates the comparative study over different time period.
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Yogita Ingle 6 years, 10 months ago
Under Perfect Competition, marginal revenue is always equal to price.
A competitive firm's marginal revenue always equals its average revenue and price. This is because the price remains constant. In a monopoly, because the price changes as the quantity sold changes, marginal revenue diminishes and will always be equal to or less than average revenue.
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Yogita Ingle 6 years, 10 months ago
- Supply refers to the quantity of a commodity that a firm is willing and able to offer for sale, at each possible price during a given period of time.
- In other words, supply is that part of stock which is actually brought into the market for sale. Stock can never be less than supply.
- For example, a seller has a stock of 50 tonnes of sugar in the go down. If the seller is willing to sell 30 tonnes at a price of Rs. 37 per kg, then supply of 30 tonnes is a part of total stock of 50 tonnes.
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Yogita Ingle 6 years, 10 months ago
Variable costs vary directly with output – when output is zero, variable costs will be zero but as production increases, total variable costs will rise.
Examples of variable costs include the costs of raw materials and components, packaging and distribution costs, the wages of part-time staff or employees paid by the hour, the costs of electricity and gas and the depreciation of capital inputs due to wear and tear.
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Sia ? 4 years, 5 months ago
| Parameter of Comparison | Economics | Economy |
| Meaning | It is a science, decision making art on the scarcity of resources concerning to provide maximum satisfaction to human | It is the economic activities of a particular area or country. |
| Preferences | It mainly gives preference to the scarcity of resources and need of a human | Preference areas are on the production based on demand and usage based on supply. |
| Nature | Theory of Principles and rules | Application of the theory of Economics |
| Determining Factor | It determines the decision on the scarcity of resources for a human being like how and when. | Distribution of Goods and Services |
| Focus | It mainly focuses on the behaviour and interaction of the firms and entities. | It focuses on the arrangement and management of the country’s economic affairs. |
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Vinamra Ahuja 6 years, 10 months ago
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