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Anjali Gupta 6 years, 10 months ago
Posted by Bhawna Lohchab 6 years, 10 months ago
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Posted by Kanishka Bajoria 6 years, 10 months ago
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Yogita Ingle 6 years, 10 months ago
No, the slope of demand and the elasticity of demand are two different concepts. Slope of demand curve is referred as change in price divided by the change in quantity demand i.e {tex}\frac{\;\triangle P}{\;\bigtriangleup Q}\;{/tex}Whereas elasticity measures the responsiveness of demand for a commodity to change in its price i.e.while computing the elasticity (as in the case of price elasticity of demand), the numerator has the quantity while the denominator has the price. As elasticity is measured on percentage basis, therefore the answer of the same is unit less whereas slope does contain units as the components like price and quantity are measured in units for e.g. how many rupees spent on buying 1 kg tomatoes, etc.
Posted by Prabhjot Kaur Jot Mehra 6 years, 10 months ago
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Priyanka Yadav 6 years, 10 months ago
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Gaurav Seth 6 years, 10 months ago
There are two formulae for standard deviation.
{tex}s = \sqrt {\frac{{\sum {{{(X - \bar X)}^2}} }}{{n - 1}}}{/tex} (where n is the sample size).
The second formula is a re-arrangement which may make it better for calculation purposes.
{tex}s = \sqrt {\frac{{\sum {{X^2} - {{\frac{{(\sum {X)} }}{n}}^2}} }}{{n - 1}}}{/tex}
(where n is the sample size).
Posted by Manpreet Kaur 6 years, 10 months ago
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Anurag Patidar 6 years, 10 months ago
Posted by Prakriti Adhikari 6 years, 10 months ago
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Nikita Jain 6 years, 10 months ago
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Posted by Sunny Dhadwal 6 years, 10 months ago
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Nikita Jain 6 years, 10 months ago
Mitul Kapoor 6 years, 10 months ago
Posted by Himanshu Singh Chahuan 6 years, 10 months ago
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Yogita Ingle 6 years, 10 months ago
Returns to a factor refers to the change in output when an additional unit of variable input is employed.
The Law of Variable Proportion can be regarded to as 'Returns to a Factor'. According to this law, as more and more of variable factor (labour) is combined with the same quantity of fixed factor (capital), then the total product increases though gradually after a point, the total product becomes smaller and smaller.
The second stage of Law of Variable Proportion is referred as diminishing returns to a factor. Following are the reasons for diminishing returns.
Posted by Gaurav Phophalia 6 years, 10 months ago
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Rahul Yadav 6 years, 10 months ago
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Sakshi Sharma ??️??️??️ 6 years, 10 months ago
Posted by Maninder Singh 6 years, 10 months ago
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Posted by Prabhdeep Singh 6 years, 10 months ago
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Yogita Ingle 6 years, 10 months ago
Marginal cost: The cost incurred on additional unit of output is known as Marginal cost.
Posted by Madhulika Verma 6 years, 10 months ago
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Riddhesh Nadkarni 6 years, 10 months ago
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Technical Bhai 6 years, 10 months ago
Posted by Supriya Khatun 6 years, 10 months ago
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Yogita Ingle 6 years, 10 months ago
Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.
Posted by Jemey Tashi 6 years, 10 months ago
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Posted by Durlabh Jain 6 years, 10 months ago
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Yogita Ingle 6 years, 10 months ago
Consumer’s Equilibrium refers to a situation where a consumer gets maximum satisfaction out of his given money income and given market price.
Consumer’s equilibrium through utility analysis can be ascertained with reference to:
- A single commodity
- Two or several commodities
Posted by Satish Chander 6 years, 10 months ago
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Rahul Yadav 6 years, 10 months ago
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