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Posted by Krish Kapadia 5 years, 10 months ago
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Yogita Ingle 5 years, 10 months ago
Equilibrium price refers to the price at which market demand is equal to market supply, which means where there is no excess demand or excess supply.
When price will rise above the equilibrium price, demand will be less than supply i.e. there will be excess supply in the market.
Excess supply of a good creates competition among the sellers of the good, because the sellers will not be able to sell all they want to sell at the existing price. This leads to fall in price of the good.
With fall in price of goods there will be rise in demand. The change will continue till demand for the good equals to its supply and the market is in equilibrium again. Thus, equilibrium price will be restored through the free play of market forces.
Posted by Krish Kapadia 5 years, 10 months ago
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Aradhana Dogra 5 years, 10 months ago
Posted by Kamal Gurung 5 years, 10 months ago
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Yogita Ingle 5 years, 10 months ago
Measures of Dispersion:
(i) Range
(ii) Inter quartile range
(iii) Quartile deviation or Semi-Inter-quartile range
(iv) Mean deviation
(v) Standard Deviation
(vi) Lorenz curve
Posted by Piyush Mishra 5 years, 10 months ago
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Shibali Jha 5 years, 10 months ago
Asha Sharma 5 years, 10 months ago
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Posted by Sanskriti Mantri 5 years, 10 months ago
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Yogita Ingle 5 years, 10 months ago
The shut-down point refers to a situation when the firm is able to cover its variable cost only i.e AR = AVC.
At the shutdown point, the firm incurs a loss of fixed cost. The firm does not stop the production at this point as the fixed cost will still be incurred. However, if the price falls and the firm is unable to cover even it's variable cost then it will shut down the operations.
Posted by Sanskriti Mantri 5 years, 10 months ago
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Posted by Om Parkash Gupta 5 years, 10 months ago
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Yogita Ingle 5 years, 10 months ago
| Basis for Differentiation | Positive Economics | Normative Economics |
| Meaning | A part of economics grounded on the information and certainty is positive economics. | A part of economics grounded on values, perspectives and discernment is normative economics. |
| Nature | Illustrative | Dictatorial |
| Outlook | Objective | Subjective |
| Deals with? | What actually is? | What has to be? |
| Testing (Trial) | Statements can be tested | Statements cannot be tested |
| Economic problems | Evidently elucidates the economic concerns and issues. | Provides a solution for the economic concerns, based on the value |
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Yogita Ingle 5 years, 10 months ago
Variable factors refer to those factors, which can be changed in the short run. They vary directly with the output. For example, Labour, raw material, etc.
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Yogita Ingle 5 years, 10 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.
Continuous Variable : A continuous variable is the one which can take any value in a specified interval.
For example, temperature recorded of patients a hospital, wages of all workers in a factory, etc.
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Neetu Singh 5 years, 10 months ago
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