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Cardinal Utility Analysis and its Assumptions

Cardinal Utility Analysis and its Assumptions

Concept of Cardinal Utility Analysis In this article, we will know the concept of cardinal utility analysis and its fundamental ...
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Basics of Utility Analysis

Basics of Utility Analysis

Meaning of Utility The term utility refers to the want satisfying capacity of a commodity or service. In another word, ...
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Scientific Paradigm of Economics

Scientific Paradigm of Economics

Learning Objective To discuss the concept of the scientific paradigm of economics According to Wikipedia, the paradigm is a distinct ...
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Importance of Assumptions, Hypothesis, and Empiricism in Economics

Importance of Assumptions, Hypothesis, and Empiricism in Economics

The article will discuss the meaning and some key importance of assumptions, hypothesis, and empiricism in the study of economics ...
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Hypothetico-deductive Method

Hypothetico-deductive Method

Learning Objective To explain hypothetico-deductive method of scientific study Meaning of Hypothetico-deductive Method Hypothetico-deductive method also called H-D method is ...
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Uses of Elasticity of Demand

Uses of Elasticity of Demand

The concept and theory of elasticity of demand play a vital role in the solution of economic problems and the ...
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Measurement of Price Elasticity of Supply

Measurement of Price Elasticity of Supply

Different degrees of price elasticity of supply describes the different nature of the product and their volume of supply as ...
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Concept and Degree of Price Elasticity of Supply

Concept and Degree of Price Elasticity of Supply

Meaning of Price Elasticity of Supply The Law of supply tells the direction in which the supply of a product ...
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Concept and Degree of Advertisement Elasticity of Demand

Concept and Degree of Advertisement Elasticity of Demand

Concept of Advertisement Elasticity of Demand The advertisement expenditure has a direct effect on the demand for goods and services ...
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Measurement of Cross Elasticity of Demand

Measurement of Cross Elasticity of Demand

Cross elasticity of demand measures the degree of responsiveness of the quantity demand for one good to the change in ...
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Concept and Degree of Cross Elasticity of Demand

Concept and Degree of Cross Elasticity of Demand

Concept of Cross Elasticity of Demand The quantity demand of anyone commodity is affected by the change in not only ...
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Measurement of Income Elasticity of Demand

Measurement of Income Elasticity of Demand

The degree of income elasticity of demand for different types of goods is different. So, it is imperative to quantity ...
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Concept and Degree of Income Elasticity of Demand

Concept and Degree of Income Elasticity of Demand

Concept of Income Elasticity of Demand Consumer income is one of the significant determents of demand for a commodity as ...
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Methods of Measurement of Price Elasticity of Demand

Methods of Measurement of Price Elasticity of Demand

The degree of price elasticity of demand for different goods is different. So, it is important to measure the elasticity ...
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Concept and Degree of Price Elasticity of Demand

Concept and Degree of Price Elasticity of Demand

Concept of Elasticity of Demand The law of demand explains that the quantity demanded of a commodity is affected considerably ...
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Market Efficiency, Consumer’s Surplus, and Producer’s Surplus

Market Efficiency, Consumer’s Surplus, and Producer’s Surplus

In economics, we believe that the equilibrium of supply and demand in the market maximizes the total benefits received by ...
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Price Control Policies and their Effect in Market Equilibrium

Price Control Policies and their Effect in Market Equilibrium

If the market is free then there are no government interventions and prices and quantities adjust with the market forces ...
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Effect of Subsidy in Market Equilibrium

Effect of Subsidy in Market Equilibrium

Meaning of Subsidy A subsidy may be defined as the financial help granted to the producers or the consumers of ...
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Movement Along and Shift in Supply Curve

Movement Along and Shift in Supply Curve

In the theory of supply, it is important to distinguish between a movement along the supply curve and a shift ...
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Elasticity and Tax Incidence

Elasticity and Tax Incidence

Learning ObjectivesTo discuss how the price elasticities of demand and supply measure the load of taxation on buyers/consumers and sellers ...
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Effect of Government Policy/Intervention in Market Equilibrium

Effect of Government Policies/Intervention in Market Equilibrium

This part deals with some applications and extensions of basic demand and supply analysis. Such applications focus on the effect ...
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Effect of Changes in Demand and Supply on Market Equilibrium

Effect of Changes in Demand and Supply on Market Equilibrium

Market equilibrium implies a certain type of stability in both the price and quantity of goods. But changing market forces ...
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Market Equilibrium

Market Equilibrium

Introduction The demand and supply curve let know us about different quantities of goods that are demanded by the consumers ...
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Incremental Analysis in Economics

Incremental Analysis in Economics

Introduction to Incremental Analysis Incremental analysis in economics is also one of the tools used in rational decision making like ...
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Marginal Analysis in Economics

Marginal Analysis in Economics

Introduction of Marginal Analysis The term marginal can be defined as change into total quantity due to one unit change ...
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Uses, Importance and Limitations of Microeconomics

Uses, Importance, and Limitations of Microeconomics

Microeconomics does study about economic behavior of individual units and individual economic variables. It provides a theoretical framework for a ...
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Individual and Market Supply Curve

Individual and Market Supply Curve

A supply curve is a diagrammatic presentation of the law of supply. It delivers the same information as a supply ...
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Individual and Market Supply Schedule

Individual and Market Supply Schedule

A supply schedule is a tabular representation of various combinations of the price of the product and quantity supply that ...
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