Consumer Awareness is an act of making sure the buyer or consumer is aware of the information about products, goods, services, and consumers rights. Consumer awareness is important so that buyer can take the right decision and make the right choice.

All the above

More wants and less goods

• All the three curves are U-shaped due to the law of variable proportion.
• Marginal Cost curve cut both Average total cost and Average variable cost from their lowest point.

Economic activities refer to those activities which are undertaken to earn living. Every economy undertakes 3 main economic activities:

Consumption: It is an economic activity  as it deals with the use of goods and services for the satisfaction of human wants.

Production: it is an economic activity as it is undertaken to produce goods and services for genration of income and satisfying human wants.

Distribution: it is an economic activity which studies how income generated is distributed   among the factors of production.

A bar graph represents data using a series of bars across two axes. The x-axis (the horizontal) classifies the data by group, with one bar for each group. So for example, if you were displaying the number of beads of each color in a jar, the x-axis would have a section for each color, and each color would have its own bar. The y-axis (the vertical) shows the value for the category for each bar. In the bead example, this would be the number of beads. So the bar for green beads might extend up to five, for example, whereas the bar for red beads may extend up to only two. The y-axis can be many different values, though; for example, money, a growth rate, an average speed or even a percentage of the whole. Similarly, the x-axis values and bars could represent the same quantity at different points in time, and this capability shows a big difference between bar graphs and pie charts.

Pie charts are circular graphs that display percentages of a whole as if they were slices of a pie. This is very similar to bar graphs in that the individual slices of pie mean that the data has to have the potential to be categorized. The “slices” of the pie have sizes to indicate the proportion of the whole they represent (although a legend beside the chart usually shows the precise figures), but unlike bar graphs, pie charts can’t be used to explicitly show absolute number values for each group. The shape is the most obvious difference between pie charts and bar graphs, but the restriction to proportions with pie charts is the most important

The quantity of an item that a producer intends to sell in the market is referred to as supply. Price, the number of suppliers, the state of technology, government subsidies, weather conditions, and the availability of employees, and many more, all can influence supply.

Price elasticity of supply (PES) measures the relationship between change in quantity supplied following a change in price.

E_S {tex}=\frac{\Delta Q}{\Delta P} \times \frac{P}{Q}{/tex}
{tex}\Delta{/tex}P = 5 - 4 = Rs.1
Total Revenue = 600
P {tex}\times{/tex} Q = 600
4 {tex}\times{/tex} Q = 600
Q {tex}=\frac{600}{4}{/tex} = 150 units
Total Revenue when price increase = Rs.750
P₁ {tex}\times{/tex} Q₁ = Rs.750
Q₁ {tex}\times{/tex} 5 = Rs.750
Q₁ {tex}=\frac{750}{5}{/tex} = 150
E_S {tex}=\frac{\Delta Q}{\Delta P} \times \frac{P}{Q}{/tex}
{tex}\Delta{/tex}Q = Q₁ - Q
{tex}\Delta{/tex}Q = 150 - 150 = 0
{tex}\Delta{/tex}P = P₁ - P
{tex}\Delta{/tex}P = Rs.5 - Rs.4 = 1
E_S {tex}=\frac{0}{1} \times \frac{4}{150}{/tex}
E_S = 0

If the price remains constant, MR also remains constant and coincides with AR. Under perfect competition as the price is constant, AR is equal to MR and their shape will be straight line horizontal to X-axis. When a firm sells large quantities at lower prices both AR and MR will fall.

Census Method:

1. The Census covers individual/unit belonging to the population.
2. Since all items are studied under census method, highest degree of accuracy is possible.
3. As all items are studied under census method, this method is very expensive and involves a lot of money and efforts.
4. The Census method is very time consuming as all items are studied.
5. The Census method is suitable when items in the universe have diverse characteristics.
6. This method is suitable when the area under investigation is relatively small.

Sample Method:

1. The sample is smaller group selected from the population from which the relevant information would be sought.
2. Since only representative samples are studied under sample method. It is less accurate. However errors can be easily detected and removed.
3. As only few samples are studied under sample method, this method is comparatively less expensive.
4. The Sample method is less time consuming as only samples are studied.
5. The Sample method is suitable when items in the universe are homogeneous.
6. This method is suitable when the area under investigation is large.