The econometric methods combine statistical tools with economic theories to estimate economic variables and to forecast the intended economic variables. An econometric model may be…

Scarcity is taking over the world. “There just isn’t enough of anything” states the presenter; there is not sufficient money and time. Due to this…

According to Baumol, every business firm aims at maximization it sales revenue (price x quantity0 rather than its profit. Hence his hypothesis has come to…

Economics is a social science, which studies human behavior in relation to optimizing allocation of available resources to achieve the given ends. The application of…

Economics through ,variously defined is essentially the study of logic, tools and techniques of making optimum use of the available resources to achieve the given…

The concept of opportunity cost is attributed to the alternate uses of scarce resources. Resources both natural and man made, are scarce in relation to…

Suppose a firm has Rs. 100 million at its disposal and there are only three alternative uses :- Alternative:- To expand the size of the…

Suppose that a firm has a sum of Rs.100000 which it has only two alternative uses. It can either buy a printing machine or alternatively…

Suppose a company can sell a basket of apples for Rs. 1000/- in foreign market, for Rs. 600/- in domestic market . The company hence…

Demand estimation is predicting future demand form a product. The information regarding future demand is essential for planning and scheduling production, purchase of raw materials,…