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Economics is a social science which society chooses a way to use its limited resources which have alternative uses to produce goods and service and to distribute them among all.

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Yami Wadhwa 7 years, 9 months ago

The social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems.

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Consumer equilibrium in case of indifference curve of theory

Posted by Amit Yadav 7 years, 9 months ago

CBSE > Class 12 > Economics

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Yami Wadhwa 7 years, 9 months ago

the equilibrium is established. (ii) MRS continuously falls: The second condition for consumer’s equilibrium is that MRS must be diminishing at the point of equilibrium, i.e. the indifference curve must be convex to the origin at the point of equilibrium. Unless MRS continuously falls, the equilibrium cannot be established. Thus, both the conditions need to be fulfilled for a consumer to be in equilibrium.

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Yami Wadhwa 7 years, 9 months ago

Understanding Consumer’s Equilibrium by Indifference Curve Analysis! 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. The point of maximum satisfaction is achieved by studying indifference map and budget line together. Microeconomics Image Courtesy : wikieducator.org/images/3/3f/San.jpg ADVERTISEMENTS: On an indifference map, higher indifference curve represents a higher level of satisfaction than any lower indifference curve. So, a consumer always tries to remain at the highest possible indifference curve, subject to his budget constraint. Conditions of Consumer’s Equilibrium: The consumer’s equilibrium under the indifference curve theory must meet the following two conditions: (i) MRSXY = Ratio of prices or PX/PY ADVERTISEMENTS: Let the two goods be X and Y. The first condition for consumer’s equilibrium is that MRSXY = PX/PY a. If MRSXY > PX/PY, it means that the consumer is willing to pay more for X than the price prevailing in the market. As a result, the consumer buys more of X. As a result, MRS falls till it becomes equal to the ratio of prices and the equilibrium is established. b. If MRSXY < PX/PY, it means that the consumer is willing to pay less for X than the price prevailing in the market. It induces the consumer to buys less of X and more of Y. As a result, MRS rises till it becomes equal to the ratio of prices and

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What is market economy

Posted by Yogesh Saroha 7 years, 9 months ago

CBSE > Class 12 > Economics

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Social infurtucture health care facility

Posted by Alina Sadiya 7 years, 9 months ago

CBSE > Class 12 > Economics

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In which option the national income are affected options cooperated tax subsidies

Posted by Vishaka Siwatch 7 years, 9 months ago

CBSE > Class 12 > Economics

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Yami Wadhwa 7 years, 9 months ago

Subsidies

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Ankit Aswani 7 years, 9 months ago

By subsidy

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What is statistics

Posted by Vivek Panwar 7 years, 9 months ago

CBSE > Class 12 > Economics

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Discus the causes of poverty in india

Posted by Bhuvnesh Sharma 7 years, 9 months ago

CBSE > Class 12 > Economics

3 answers

Nidhi Sharma 7 years, 9 months ago

Unemployment

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Satpal Singh 7 years, 9 months ago

Population, Low productive, lack of irrigation system, outdated social institutions

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Aanshi Singh 7 years, 9 months ago

Population

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Why marginal value increase

Posted by Satpal Singh 7 years, 9 months ago

CBSE > Class 12 > Economics

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Satpal Singh 7 years, 9 months ago

Because of loss of output

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difference between attainable and unattainable combination of two goods

Posted by Anupam Kumar 7 years, 9 months ago

CBSE > Class 12 > Economics

1 answers

Sukhwinder Kaur 7 years, 9 months ago

With given incomr

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What semi durable goods?

Posted by Soubiya Aziz 7 years, 9 months ago

CBSE > Class 12 > Economics

2 answers

Unknown . 7 years, 9 months ago

Semi durable goods are those goods which can be used up to 1 year or slightly more.

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Sukhwinder Kaur 7 years, 9 months ago

Electronic gadegts

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I want other additional books

Posted by Vishal Singh Rajawat 7 years, 9 months ago

CBSE > Class 12 > Economics

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Unknown . 7 years, 9 months ago

Sandeep garg

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Difference between positive and normative economics

Posted by Vishal Singh Rajawat 7 years, 9 months ago

CBSE > Class 12 > Economics

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Unknown . 7 years, 9 months ago

Positive economics deals with actual solution of a problem. Normative economics deals with what should be the solution of problem.

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explain how to find GDP at fc?

Posted by Reshma T.R 7 years, 9 months ago

CBSE > Class 12 > Economics

1 answers

Unknown . 7 years, 9 months ago

Income method Mise + os + coe = NDP at fc NDP at fc + dep = GDP at fc

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Why more of a good is purchased when its price fall?

Posted by Param Sandhu 7 years, 9 months ago

CBSE > Class 12 > Economics

3 answers

Rishabh Sharma 7 years, 9 months ago

Because law of demand

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Yami Wadhwa 7 years, 9 months ago

Bcoz there id inverse rltnshp b/w price nd demand.....so that's why , when the price decreases thn the demand will b increseas ...bcoz there is inverse rltnshp

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Nidhi Sharma 7 years, 9 months ago

Because there is inverse relationship b/w price of a commodity and its demand therefore when price falls the demand of that commodity will increase

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What is ecnomics

Posted by Parvez Alam 7 years, 9 months ago

CBSE > Class 12 > Economics

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Yami Wadhwa 7 years, 9 months ago

Economics is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.

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Nidhi Sharma 7 years, 9 months ago

Economics is about making choices in the backdrop of scarcity

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Which book is best vk ohri or sandeep garg

Posted by Vaishali Singh 7 years, 9 months ago

CBSE > Class 12 > Economics