Study Materials

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Basic Mathematical Concepts Used in Economics

Basic Mathematical Concepts Used in Economics

Economics through its different theories and principles help to economic agents and participants in their decision-making processes and help them ...
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Criticisms of Cardinal Utility Analysis

Criticisms of Cardinal Utility Analysis

The Cardinal utility approach provides a sound basis for analyzing consumer behavior based on the arithmetic measurement and expression of ...
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Derivation of Demand Curve under Cardinal Utility Analysis

Derivation of Demand Curve under Cardinal Utility Analysis

The key purpose of the analysis of consumer behavior is to derive a consumer demand curve. Here we will discuss ...
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Consumer’s Equilibrium under Cardinal Utility Analysis

Consumer’s Equilibrium under Cardinal Utility Analysis

Meaning of Consumer’s Equilibrium Consumer’s equilibrium is the position in which the consumer reaches the highest level of satisfaction given ...
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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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