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Sia ? 6 years, 3 months ago
Basic problems in Capitalist economies are solved through price mechanism, in Socialist economy through planning and in mixed economy through price mechanism and economic planning. In the same way, price of the factors of production is determined in the factor market.
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Sia ? 6 years, 3 months ago
Consumer's preference is called monotonic when between any two bundles, consumer give preference to that bundle, which contains more quantity of at least one commodity and not less quantity of other commodity.
Posted by Zeex Infinity 6 years, 3 months ago
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Sia ? 6 years, 3 months ago
he law of diminishing returns applies because certain factors of production are kept fixed. All factors of production, land, labour, capital or enterprise cannot be increased every time.
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Sia ? 6 years, 3 months ago
Activities which are not concerned with money are called non-economic activities, e.g., housewife cooks food for her family. In such activities, there is no expectation of any kind of monetary reward or benefit. They are inspired by sentimental reasons and performed out of love.
Chikki Kaur 6 years, 2 months ago
Posted by Khan Fardin 6 years, 3 months ago
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Sia ? 6 years, 3 months ago
Following are the properties of an indifference curve
- Indifference curves are always convex to the origin: Due to decreasing MRS, MRS declines continuously because of the law of diminishing marginal utility.
- Indifference curves never touch or intersect each other: Each indifference curve shows a different level of satisfaction. Intersection point shows the same satisfaction level which is not possible.
- A higher indifference curve represents a higher level of satisfaction: Due to monotonic preferences, higher indifference curve shows bundles having more of one commodity and not less of other good in comparison of la ower indifference curve.
- Indifference curve slope downwards: It implies that as a consumer consumes more of one good, he must consume less of the other good.
Posted by Nehal Bhardwaj 6 years, 3 months ago
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Sia ? 6 years, 3 months ago
Market demand curve is derived as a horizontal summation of individual demand curves.
Posted by Nehal Bhardwaj 6 years, 3 months ago
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Sia ? 6 years, 3 months ago
Individual demand refers to the quantity of a good that a consumer demands at a particular price in a given period of time.
- Individual Demand Schedule
| Price of Ice-cream (Rs) |
Quantity demanded (units) by (A) |
| 1 | 4 |
| 2 | 3 |
| 3 | 2 |
| 4 | 1 |
Market demand is the sum of different individuals demand at different price level at a particular period of time
- Market Demand Schedule
| Price of Ice-cream (Rs) |
A's Demand | B's Demand | Market demand (A+B) |
| 1 | 4 | 5 | 4 + 5 = 9 |
| 2 | 3 | 4 | 3 + 4 = 7 |
| 3 | 2 | 3 | 2 + 3 = 5 |
| 4 | 1 | 2 | 1 + 2 = 3 |
Posted by Nehal Bhardwaj 6 years, 3 months ago
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Sia ? 6 years, 3 months ago
Change in quantity demanded and law of demand are different :
Differences between change in demand and change in quantity demanded are
| Basis | Change in Demand | Change in quantity Demanded |
| Reason | It is caused by a change in prices of substitutes,change in prices of complementary goods,change in income, etc. other than the own price of the commodity. | It is caused by an increase or decrease in the price of the given commodity, keeping other factors constant. |
| Impact on demand curve | It leads to a shift in the demand curve either rightwards (known as increase in demand)or leftwards(known as decrease in demand). | It leads to a movement along the same demand curve either upwards(known as contraction in demand)or downwards(known as expansion in demand) |
| Diagrammatic Presentation | Diagrammatically, this is shown as a forward or backward shift in demand curve. |
Diagrammatically, this is shown as a downward or an upward movement on the same demand curve. |
Posted by Harsh Gupta 6 years, 3 months ago
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Sia ? 6 years, 3 months ago
Conditions of consumer's equilibrium (using Marginal Utility Analysis) : A consumer is said to be in equilibrium when he is getting maximum satisfaction with the given market prices and the given his or her income.
when a consumer is consuming two goods, equilibrium is achieved when
{tex}\frac { M U _ { x } } { P _ { x } } = \frac { M U _ { y } } { P _ { y } } = M U _ { m }{/tex}
Where,
MUX and MUy = Marginal utilities of good X and good y respectively
Px and Py = Price of good X and good Y respectively
MUm = Marginal utility of money. If MUm =1,
then the condition of equilibrium is reduced to
{tex}\frac { \mathrm { MU } _ { \mathrm { x } } } { \mathrm { P } _ { \mathrm { x } } } = \frac { \mathrm { MU } _ { \mathrm { y } } } { \mathrm { P } _ { \mathrm { y } } }{/tex}
Or {tex}\frac { \mathrm { MU } _ { x } } { \mathrm { MU } _ { \mathrm { y } } } = \frac { \mathrm { P } _ { \mathrm { x } } } { \mathrm { P } _ { \mathrm { y } } }{/tex}
The above condition says that the consumer will be in equilibrium at that point where the ratio of the marginal utilities of two goods is equal to ratio of the prices of the two goods.
The above conditions are based on the assumption that the Law of Diminishing Marginal Utility holds true. If MU does not fall as consumption increases, then consumer will never reach the equilibrium situation.
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Tamana Bansal☺☺ 6 years, 3 months ago
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Aarju Khan 6 years, 3 months ago
Yogita Ingle 6 years, 3 months ago
1. OC ( Opportunity Cost) is the cost of next best alternative foregone.
2. MOC (Marginal Opportunity Cost) is the number of units of a commodity sacrificed to gain one more unit of another commodity.
Posted by Prashansa Sahu 6 years, 3 months ago
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Ayush Dutta 6 years, 3 months ago
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Yogita Ingle 6 years, 3 months ago
|
Qualitative Research |
Quantitative Research |
|
A method to developing a better understanding on human and social sciences, in understanding human behavior and personalities better. |
It is the method used to generating numerical data by using a lot of techniques such as logical, statistical and mathematical techniques. |
|
It employees a subjective approach. |
It employees an objective approach |
|
The data taken in the Qualitative research method is pretty verbal. |
The data taken in this method is pretty measurable. |
|
The objective of this research method is to engage and discover various ideas. |
The main objective of Quantitative research is to examine the cause and effect between the variables. |
|
It is one of the exploratory research type methods. |
It is a conclusive research type method. |
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Gaurav Seth 6 years, 3 months ago
Indifference Curve Slopes Downwards :
This property implies that to increase the consumption of X good, the consumer has to reduce the consumption of Y good, so as to remain at the same level of satisfaction as shown in the given diagram:
To increase the quantity of X good from OX to
OX1, the consumer has to reduce the quantity of good Y from OY to OY1.
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Yogita Ingle 6 years, 3 months ago
1Thank You