It is defined as the change in the total utility resulting form a one unit change in the consumption of commodity per unit of time….

Satisfactions of human wants follow some very important laws and one of them in the law of diminishing marginal utility. The law refers to the…

Culture The set of basic values, perceptions, wants, and behavior learned by a member of society from family and other important institution. Subculture A group…

Advantage of this law is that the consumer is able to derive maximum satisfaction from given resources The consumer can apply this law in Spending…

Maximum satisfaction out of the expenditure of a given sum can be obtained if the utility derived from the last unit of money spent on…

There are certain things wish contribute to production. They are therefore, called factors of production. The factors of production are chiefly two: The personal exertion…

The most important problem, which an organizer has to solve, is three. The problem of division of labour inclusion the localization of industry. The problem…

When a factory is newly started, the organizer has to determine its locality. To arrive at the right decision, he should obtain full knowledge of…

Demand and supply are basic concepts in economic analysis. This is because economics is fundamentally concerned with ends and means. The quantities of various goods…

(A) Price Elasticity i) Elasticity of Demand: Elasticity of demand can be classified into two major divisions: one the highly elastic, unitary elastic and the…