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Showing posts with the label UNDERSTANDING SCARCITY AND ECONOMICS

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UNDERSTANDING SCARCITY AND ECONOMICS

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- January 07, 2021

Learning Contents: · Understanding Scarcity of Resources. · Understanding Economics. ...

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Heena Dua: An easy approach to understand economics fundamental concepts and its principles.

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SHIFTS & ROTATIONS IN PRODUCTION POSSIBILITY CURVE

- January 11, 2021

Learning Contents: Shifts in PPC Rotations in PPC Change in Production Possibility Curve (Shifting/Rotation) The change in the Production Possibility curve can be of two types: Shift in PPC: PPC will shift when there is a change in productive capacity (resources or technology) with respect to both the goods. Rotation of PPC: PPC will rotate when there is a change in productive capacity (resources or technology) with respect to only one good. Shifts in PPC: The shift in PPC can either be rightward or backward. These shifts bring about a change in the production of both go...

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Income Elasticity: Luxury Goods, Necessity Goods, and Inferior Goods.

- July 16, 2021

Learning Contents: · Understanding Income Elasticity with respect of luxury goods, necessity goods and inferior goods. The demand for a commodity not only depends on the price of a commodity but also the income level of the consumer. It is a general understanding that a consumer usually prefers to spend more when his income rises and less when his income falls. Sometimes, we might also experience a fall in the demand of certain goods and services even when income rises. Therefore, income elasticity varies with respect to different types of goods and services. The income elasticity me...

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CONCEPT OF TOTAL UTILITY AND MARGINAL UTILITY

- January 15, 2021

Learning Contents: · Concept of Total Utility · Concept of Marginal Utility & its types · Relationship between Total and Marginal Utility Total Utility (TU) If the utility is cardinal and measurable, the total utility is defined as the sum total of utility (satisfaction) derived from the consumption of all the units of a commodity. In mathematical terms, Total utility is the direct function of the number of units of a commodity. In simple words, more of the units o...

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CONSUMER’S PREFERENCES AND INDIFFERENCE MAP

- February 01, 2021

Learning Contents: · Understanding Consumer preferences and Indifference curve. · Understanding Indifference Map. Introduction: The concept of the indifference map is based upon the concept of consumer preferences. So, it is important to first understand the concept of consumer preferences. Consumer’s Preferences: Preferences indicate individual tastes, likings, etc. that determine the amount of pleasure, happiness people get from the consumption of the goods and services and measured by the utility of various bund...

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New Problems Based on Price elasticity of Demand

- August 20, 2021

Hi Learner, Thanks for writing your query! Please find the solved answers of your questions. We are always happy to help the true learners. Pls. Let us know if we can help you further! Sending wishes to you 😊 Work hard.... Work Better.... Keep learning.... Keep Improving.... Questions for Practice: 1. Suppose the price of a commodity falls from ₹6 to ₹4 per unit and due to this quantity demanded of the commodity increases from 80 units to 120 units. Find out the price elasticity of demand Solution: Following information is given: Q = 80 units Q 1 = 120 units ΔQ =Q 1 -Q =120-80 = 40 P = ₹6 P 1 = ₹4 ΔP = P 1 -P = 4-6 = -2 ...

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Introduction to Elasticity of Demand

- April 28, 2021

Learning Contents: · Concept of Demand and Elasticity of Demand · Various Concepts of Elasticity of Demand · Concept of Elastic and Inelastic Demand Concept of Demand and Elasticity of Demand The Law of demand explains that, keeping other factors constant, demand for a commodity is inversely related to its price. In other words, if the price for a commodity rises, the quantity demand decreases. On the other hand, if price falls, quantity demand increases. Therefore, the concept of demand focuses on the direction of change i.e. how demand changes due to a change in price. In simple words, it explains that demand either increases or decreases as a result of a change in price but it overlooks an important aspect i.e. degree of change in demand i.e. How much o...

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SOLVED MULTIPLE CHOICE QUESTIONS BASED ON PRODUCTION POSSIBILITY CURVE

- January 14, 2021

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LAW OF DIMINISHING MARGINAL UTILITY

- January 19, 2021

Learning Contents: Introduction to Law of Diminishing Marginal utility/ Gossen’s First Law of Consumption. Assumptions of Law of Diminishing Marginal Utility. The simple experiment of understanding LDMU Introduction H.H.Gossen, a german economist was the first who found this law in Economics in 1854. Therefore, Jevons called this law “Gossen’s First Law of Consumption”. But credit goes to Marshall because he perfected this law on the basis of cardinal analysis. This law is based on the characteristics of human wants, i.e., wants are satiable or might get full or satisfied. The law of...

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Change in supply/ Shifts in supply curve.

- September 02, 2021

Learning Contents: · Increase in supply · Decrease in supply Introduction As studied in previous post related to the determinants of supply that states, it is not only the price which cause change the supply for the commodity but in the real world there also exist other factors such as price of related goods, objective of the firm, government policies, technology changes, etc. that affect the supply for the commodity. Change in supply indicates that sup...

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Measuring Income Elasticity of Demand: Proportionate Method

- June 24, 2021

Learning Contents: · Introduction to Income Elasticity of Demand · Measuring Income Elasticity using Proportionate Method Introduction Demand for the commodity is not only influenced by the price. Besides price, other factors such as the price of related goods, the income of the consumer, taste and preferences and expectations about the future price, etc. also influence the demand for the commodity. Therefore, the concept of elasticity of demand can be defined as a degree of change in demand for a commodity as a result...

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SOLVED MULTIPLE CHOICE QUESTIONS BASED ON PRODUCTION POSSIBILITY CURVE2
& DEMAND1
ATTAINABLE & UNATTAINABLE OUTPUT1
BASIC CONCEPT OF ORDINAL UTILITY AND INDIFFRENCE CURVE1
Budget Set and Budget Line1
CONCEPT OF COMPLEMENTARY GOODS1
CONCEPT OF TOTAL UTILITY AND MARGINAL UTILITY1
CONSUMER’S EQUILIBRIUM USING INDIFFERENCE CURVE ANALYSIS1
CONSUMER’S EQUILIBRIUM- ONE COMMODITY CASE1
CONSUMER’S PREFERENCES AND INDIFFRENCE MAP1

Change in Demand / Shifts in Demand curve1
Change in supply/ Shifts in supply curve.1
Cross Price effects: Effect of change in price of substitute good on the demand of other good.1
Cross Price effects: Effect of change in price of complementary good on the demand of other good.1
DESIRES1
DIFFERENT SHAPES OF PRODUCTION POSSIBILITY CURVE1
DOWNWARD SLOPE AND CONVEX SHAPE OF INDIFFRENCE CURVE1
Degrees of Income Elasticity of Demand1
Degrees of Price Elasticity of Demand1
Degrees of cross price elasticity of demand1
Demand Schedule and Demand Curve1
Determinants of Supply/ Factors affecting Supply1
Difference between Contraction of Demand and Decrease in Demand1
Difference between Contraction of Supply and Decrease in Supply1
Difference between Extension of Demand and Increase in Demand1
Difference between Extension of Supply and Increase in Supply.1
Difference between Price Elasticity and Income Elasticity of Demand1
Difference between change in quantity demand and change in demand1
ECONOMY AND ITS CENTRAL PROBLEMS1
EXCEPTIONS TO THE LAW OF DEMAND1
EXCEPTIONS TO THE LAW OF DIMINISHING MARGINAL UTILITY1
Effect of change in Consumer’s Income on the demand of the normal and inferior goods1
Effect of change in Input price on the supply curve of the firm.1
Effect of change in Taste and Preferences on the demand for a good.1
Effect of change in Technology on the supply curve of the firm.1
Factors affecting Demand/Demand Function/Determinants of Demand1
Factors affecting Price Elasticity of Demand1
Geometric or Point method of price elasticity of demand1
INDIFFERENCE CURVE OF SUBSTITUTE GOODS1
INTRODUCTION TO MACROECONOMICS1
INTRODUCTION TO MICRO ECONOMICS1
INTRODUCTION TO UTILITY1
Income Elasticity: Luxury Goods1
Introduction to Elasticity of Demand1
Introduction to Supply1
LAW OF DIMINISHING MARGINAL UTILITY1
LAW OF EQUI-MARGINAL UTILITY OR CONSUMER’S EQUILIBRIUM: TWO COMMODITY CASE1
MICROECONOMICS AND MACROECONOMICS: THE DIFFERENCE1
MONOTONIC PREFERENCES OF THE CONSUMER1
Measuring Elasticity : Arc Elasticity of Demand1
Measuring Income Elasticity of Demand: Proportionate Method1
Measuring Income Elasticity- Normal Goods and Inferior Goods1
Measuring Price Elasticity of Demand- Proportionate or Percentage Method1
Measuring Price Elasticity of Demand- Total Expenditure Method1
NEEDS1
Necessity Goods1
New Problems Based on Price elasticity of Demand1
OPPORTUNITY COST AND MARGINAL OPPORTUNITY COST1
POSITIVE AND NORMATIVE ECONOMICS1
POTENTIAL AND ACTUAL LEVEL OF OUTPUT1
PPC ASSUMPTIONS1
PPC PROPERTIES1
PRICE ELASTICTY AND SLOPE OF DEMAND CURVE1
Price Elasticity of Demand and Total Revenue1
SCHEDULE AND DIAGRAM1
SHIFTS & ROTATIONS IN PRODUCTION POSSIBILITY CURVE1
SHIFTS AND ROTATIONS IN BUDGET LINE1
SLOPE OF A DEMAND CURVE1
SLOPE OF A LINE1
SLOPE OF BUDGET LINE1
Solved Questions- Price Elasticity of Demand using Total Expenditure Approach1
Solved Questions- Percentage Method of Price Elasticity of Demand1
Solved Questions: Percentage Method of Price Elasticity of Demand1
Supply Schedule and Supply Curve1
TWO IMPORTANT PROPERTIES OF INDIFFERENCE CURVE1
UNDERSTANDING SCARCITY AND ECONOMICS1
WANTS1
WHY DOES THE DEMAND CURVE SLOPES DOWNWARD?1
What cause movements along a Demand Curve?1
What cause movements along the supply curve?1
and Inferior Goods.1

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