# Month: August 2021

This article explains the relationship between macroeconomics and the business environment Macroeconomics and Business Environment Macroeconomics is the study of relationships and behavior of aggregate economic variables such as national income, the total level of employment, total consumption, investment and saving, aggregate demand, aggregate supply, general price level, trade cycle, etc. The values and changes in …

## Static and Dynamic Analysis of Macroeconomics

In this article, we have explained the static and dynamic analysis of macroeconomics. Introduction to Static and Dynamic Analysis of Macroeconomics To construct the economic model, there are two methods as static and dynamics.  An economic analysis that limits its attention to the final equilibrium position is called ‘statics’ or ‘static’. A static model may …

## The Laws of Returns to Scale

Introduction The laws of returns to scale explain the input-output relationship under the condition that both the inputs (labor and capital) are variable and their quantity increases proportionately (by same size or proportion) and simultaneously.  When both the inputs labor and capital are increased proportionately, the scale or volume of production also increases. So, the …

## Law of Variable Proportion

Introduction The law of variable proportion is a widely observed law of production that takes place in the short run. The law was propounded by economists like Joan Robinson, Alfred Marshall, P.A. Samuelson, etc. This law is also known as the law of diminishing returns. The law is concerned with a short-run production function.   …

## Factors Affecting Price Elasticity of Demand

In this article, we have explained different factors affecting the price elasticity of demand The value of price elasticity of demand is based on so many factors and such factors are collectively called determinants of price elasticity of demand. If the magnitude of price elasticity of demand is greater than one then the demand is …

## The Law of Substitution

Introduction German economist H.H. Gossen developed his second law as the law of substitution or the law of equi-marginal utility/the law of maximum satisfaction in 1854 AD. This law is further developed and popularized by Prof. Alfred Marshall. According to this law, the consumer allocates her/her limited money income among various goods for getting maximum …

## Law of Diminishing Marginal Utility

In this article, we tried to explain the law of diminishing marginal utility Introduction The Law of Diminishing Marginal Utility was originally formed by German economist Hermann Heinrich Gossen in 1854. So, the law is also known as the first law of Gossen. It was systematically formulated and made popularized by Alfred Marshall in his …

## Total Utility, Marginal Utility, and their Relationship

Concept of Cardinal Utility: Total Utility and Marginal Utility In this article ‘total Utility, marginal Utility, and their relationship’, we try to explain the meaning of total utility, marginal utility, and the relationship between marginal utility and total utility In economics, the term utility refers to ‘the pleasure or satisfaction that individuals get from their …

## M.Phil Degree in Economics at Tribhuvan University

M.Phil Degree in Economics at Tribhuvan University was introduced in the academic year 2007, Tribhuvan University has introduced M. Phil Degree in Economics.  The proposed program is semester base and consists of three semesters. The student will have to go through the various core and optional papers along with thesis writing. The objective of this …

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