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Meaning and Definition of Demand

Meaning and Definition of Demand

Meaning and Definition of Demand Demand for goods and services implies the number of goods and services that buyers are ...
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Difference between Microeconomics and Macroeconomics

Difference between Microeconomics and Macroeconomics

The subject matter of economics is broadly divided into two branches, namely microeconomics and macroeconomics. Microeconomics and macroeconomics have become ...
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Types of Demand

Types of Demand

The willingness to buy a commodity or a service for which necessary resources are available is known as demand. Both ...
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achievements of development planning in SAARC Countries

The Achievements of Development Planning in SAARC Countries

Learning ObjectiveTo discuss the achievements of development planning in SAARC Countries SAARC Countries have experienced several changes and improvements because ...
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Constraints or Challenges of Development Planning in SAARC Countries

Constraints or Challenges of Development Planning in SAARC Countries

Introduction South Asian countries are competitive but, in many respects, they are complementary to each other also. All the member ...
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Plan Priorities in SAARC Countries

Plan Priorities in SAARC Countries

Concept and Introduction of SAARC After 1945, the trend of the establishment of various regional cooperation organizations like the European ...
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Concept of Duality in Consumer Theory

Concept of Duality in Consumer Theory

Meaning of Duality The term duality is habitually used to denote a dissimilarity between two correlated concepts, such as duel ...
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Income and Substitution Effects of a Price Change

Income and Substitution Effects of a Price Change

In our situation of good X, good Y, and money income M; if money income and the price of good ...
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Income Consumption and Engel Curve

Income Consumption and Engel Curve

Learning Objective To explain the derivation of income consumption and Engel curve for a normal and inferior good This issue ...
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Change in Prices and Derivation of Demand Curve

Change in Prices and Derivation of Demand Curve

Introduction In the analysis of consumer’s equilibrium, price and income are an exogenous variable, and change in the values of ...
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Comparative Statics of Consumer Behavior

Comparative Statics of Consumer Behavior

Introduction The theory of consumer behavior and demand is grounded on the assumption that consumers try to allot limited money ...
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Consumer’s Equilibrium with Indifference Curve Approach

Consumer’s Equilibrium with Indifference Curve Approach

Introduction A consumer attains his/her equilibrium when he/she maximizes his/her total utility, given his/her income and prices of the two ...
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The Consumption Decision

The Consumption Decision

Learning Objective To explain the technique and solution of the consumption decision problem Once the consumer identifies his or her ...
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Preference Ordering

Preference Ordering

Background and Concept of Preference Ordering Learning Objective To explain the concept of preference ordering and axioms of preference ordering ...
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Cardinal Utility Versus Ordinal Utility

Cardinal Utility Versus Ordinal Utility

Learning Objective To explain the similarities and differences between cardinal and ordinal utility analysis (cardinal utility versus ordinal utility) Ordinal ...
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Application and Uses of Indifference Curve

Application and Uses of Indifference Curve

Besides the analysis of consumer behavior and consumer demand, the technique of the indifference curve can be used in the ...
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Price Effect and Derivation of Demand Curve

Price Effect and Derivation of Demand Curve

Learning Objective To explain the derivation of the demand curve with help of price consumption curve (Price effect and derivation ...
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Decomposition of Price Effect into Substitution and Income Effects

Decomposition of Price Effect into Substitution and Income Effects

Different factors directly affect the consumer’s equilibrium condition, including change in the price of one good, the price of other ...
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Income Effect and Derivation of the Engel Curve

Income Effect and Derivation of the Engel Curve

Introduction of Engel Curve The income effect shows the total effect on the demand for goods due to the change ...
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Income Effect and Income Consumption Curve

Income Effect and Income Consumption Curve

The income of the consumer is also one of the major factors affecting the consumer’s equilibrium or objective of utility ...
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