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…

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:-…

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…

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…

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…

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…

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…