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| <div align="CENTER" class="western">Individual Supply</div> | <div align="CENTER" class="western">Market Supply</div> |
| <div class="western">It represents the quantities supplied, at different prices, by an individual firm or producer.</div> | <div class="western">It represents the aggregate quantities, supplied at different prices, by all the firms or producers.</div> |
| <div class="western">The individual supply curve is relatively steeper.</div> | <div class="western">The market supply curve is relatively flatter.</div> |
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Gaurav Seth 4 years, 10 months ago
Part A: Statistics for Economics
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Unit |
Topics Deleted |
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Unit 3: Statistical Tools and Interpretation |
Measures of Dispersion - (range, quartile deviation, mean deviation and); (co-efficient of range, co-efficient of quartile-deviation, co- efficient of mean deviation,
Correlation –Spearman's rank correlation.
Index Numbers - index of industrial production |
Part B: Introductory Microeconomics
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Unit |
Topics Deleted |
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Unit 4: Introduction |
concepts of production possibility frontier and |
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Unit 6: Producer Behaviour and Supply |
Producer's equilibrium-meaning and its conditions in terms of marginal revenue-marginal cost. |
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Unit 7: Forms of Market and Price Determination under Perfect Competition with simple applications |
Other Market Forms - monopoly, monopolistic competition - their meaning and features |
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Meghna Thapar 4 years, 11 months ago
There are several different types of charts and graphs. The four most common are probably line graphs, bar graphs and histograms, pie charts, and Cartesian graphs. They are generally used for and are best for, quite different things. Bar graphs to show numbers that are independent of each other. In discrete mathematics, a graph is a collection of points, called vertices, and lines between those points called edges. There are many different types of graphs, such as connected and disconnected graphs, bipartite graphs, weighted graphs, directed and undirected graphs, and simple graphs.
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Yogita Ingle 4 years, 11 months ago
In the diagram:
(i) The AP increases when MP is greater than AP.
(ii) The AP is at its maximum when both MP and AP are equal. This is shown at point E.
(iii) The AP decreases when MP ip less than AP.
(iv) MP can be positive, zero or negative, but AP is always positive.
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Gaurav Seth 4 years, 11 months ago
Factors Affecting Price Elasticity of Demand
1. Availability of substitutesp—A commodity with more and close substitutes tends to have an elastic demand and one with a few weak substitutes has an inelastic demand.For example: If price of Pepsi falls, a large number of consumers will switch over the Pepsi from Coke. On the other hand when the price of milk increases, the quantity demanded will not decrease much and vice versa.
2. Proportion of Income Spent—Smaller is the proportion of Income spent on a commodity, the smaller will be the elasticity of demand and vice-versa. For example: The demand for soap, salt, matches, etc. is highly inelastic since the consumer spends a very small proportion of his income on them. 3. Habits of the consumer—Price elasticity of demand depends also upon whether or not the consumers are habitual of using a commodity. If consumers are habitual of consuming some commodities, they will continue to consume these even at higher prices. The demand for such commodities will be usually inelastic.
4. Time Factor—Price Elasticity is generally low for the short period as compared to long period. This is for 2 reasons—
Firstly—It takes time for consumers to adjust their tastes, preferences and habits. Secondly, new substitutes may be developed in the long run.
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