ECONOMICS

It is the degree of responsiveness of demand for one commodity as a result of a change in the price of another. It is the measure of effect of a ...
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"It is the degree of responsiveness of demand for goods to a change in income". It is the extent to which demand changes as a result of increase or decrease ...
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If elasticity is zero, demand curve is perfectly inelastic. If elasticity is infinite, demand curve is perfectly elastic. And if elasticity is unitary, demand curve gently slopes downwards. If demand ...
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Introduction It is necessary to review or recall (repeat) the relationship between demand and price. "Demand has inverse relationship with price". That is, a rise in price causes a fall ...
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Index is a system that shows level of variable (item) especially price, cost, wages, etc so that they could be compared with previous date. Index Number It is a number ...
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It is a theory that shows direct relationship between money supply and the price level. It is a theory that shows that the general price level is proportional to money ...
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Value of money  "It is the quantity of goods and services a unit of money can buy in a given period". In other words, the value of money refers to ...
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It is a curve that shows various possible combinations of two goods in which a consumer is indifferent. It is a curve that indicates all possible combinations of two goods ...
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The law of diminishing marginal utility is based on the following consideration or assumption: "As the amount of a commodity a person possesses or consumes increases, the utility a consumer ...
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They include the following:- Total Utility. Average Utility. Marginal Utility. 1) Total Utility It is the total amount of utility which a consumer derives (obtains or gets) from consuming many ...
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