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Yogita Ingle 5 years, 4 months ago
There are two methods of classifying the data according to class – intervals, namely exclusive method and Inclusive method.
1. Exclusive method: This method is useful whether the value is complete number or in decimals. In case of exclusive series, value of the upper limit of a class is included in the lower limit of the next class interval. Value of the upper limit of the class is included in that very class interval.
2. Inclusive series : In inclusive series value of the upper limit of a class is included in that very class interval. Inclusive series is useful when value is an incomplete number.
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Yogita Ingle 5 years, 4 months ago
Supply is the quantity of goods a firm offers to sell in the market at a given price. Now the theory of supply states that with an increase in price the number of goods a firm wishes to supply will also increase
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Yogita Ingle 5 years, 4 months ago
Rightward shift in PPC indicates either advancement of technology or increase in the availability of the resources. increase in resources or improvement in technology.
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Meghna Thapar 5 years, 4 months ago
Utility is a term in economics that refers to the total satisfaction received from consuming a good or service. Economic theories based on rational choice usually assume that consumers will strive to maximize their utility. The economic utility of a good or service is important to understand, because it directly influences the demand, and therefore price, of that good or service. In practice, a consumer's utility is impossible to measure and quantify. However, some economists believe that they can indirectly estimate what is the utility for an economic good or service by employing various models.
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Meghna Thapar 5 years, 4 months ago
Consumer equilibrium refers to a situation, in which a consumer derives maximum satisfaction, with no intention to change it and subject to given prices and his given income. A rational consumer will purchase a commodity up to the point where price of the commodity is equal to the marginal utility obtained from the thing. If this condition is not fulfilled the consumer will either purchase more or less.
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Yogita Ingle 5 years, 4 months ago
Our wants are unlimited but the resources used in the production of goods that satisfy our wants are limited and scarce. So we have to choose those wants that we want the most. For example, if in an economy there are two commodities; Butter and Shirt; then we have to choose which commodity we should purchase because of limited resources and scarcity.
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Meghna Thapar 5 years, 4 months ago
Individual supply schedule refers to a tabular statement showing various quantities of a commodity that a producer is willing to sell at various levels of price, during a given period of time. The supply curve plots the quantity that is willingly supplied at any given price. The individual supply curves can be summed by quantity provided at a specific price to achieve an aggregate supply curve. The supply curve is upward sloping in the short run.
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Yogita Ingle 5 years, 4 months ago
Discrete Variable
A discrete variable can take only certain values.Its value changes only by finite ‘jumps’. It jumps from one values to another but does not take any intermediate value between them.
For example, in number of students in class Xlth could be 1,2,4,10,11,15,20, etc.
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Yogita Ingle 5 years, 4 months ago
Economics is a science that studies human behavior which aims at allocation of scarce resources in such a way that consumer can maximise their satisfaction, producers can maximise their profits and society can maximise its social welfare. ... Scarcity means shortage of goods and resources in relation to their demand
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Yogita Ingle 5 years, 4 months ago
We have unlimited wants and limited resources. For example, If we have more pocket money to spend then we can get all the things according to our wish but if we have less pocket money then we have to choose only those things that we want the most. For example, there are two goods in the economy; wheat and shoes. Then we have to choose the good that we want the most because of limited resources and unlimited wants. Scarcity is the root of all economic problems.
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