Supply
Quantity of the commodity which is actually brought in to the market for sale at a given price per unit of the time. Supply Schedule:-…
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DEMAND AND CONSUMER BEHANIOR
Choice and utility Theory In explaining consumer behavior, Economics relies on the fundamental premise that people on choose those goods and services they value most…
The Indifference Curve
Different Combinations of two commodities say food and clothing at a give set price. For each combination of two goods, assume that we refer one…
Oligopoly and Monopolistic Competition
A. Behavior of Imperfect Competitors 1. Recall the four major market structures: (a) Perfect competition is found when no firm is large enough to affect…
Uncertainty and Game Theory
A. Economics of Risk and Uncertainty 1. Economic life is full of uncertainty. Consumers face uncertain incomes and employment patterns as well as the threat…
The Fundamentals of Economics
A. Introduction 1. What is economics? Economics is the study of how societies choose to use scarce productive resources that have alternative uses, to produce…
Markets and Government in a Modern Economy
A. What Is a Market? 1. In an economy like the United States, most economic decisions are made in markets, which are mechanisms through which…
Basic Elements of Supply and Demand
1. The analysis of supply and demand shows how a market mechanism solves the three problems of what,how, and for whom. A market blends together…
Applications of Supply and Demand
A. Elasticity of Demand and Supply 1. Price elasticity of demand measures the quantitative response of demand to a change in price. Price elasticity of…
Demand and Consumer Behavior
1. Market demands or demand curves are explained as stemming from the process of individuals’ choosing their most preferred bundle of consumption goods and services….