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THE LAW OF DIMINISHING RETURNS (LAW OF VARIABLE PROPORTIONS) One of the most important and fundamental principles involved in economics called the law of diminishing return
Explain trend projection method of demand forecasting with illustration.
Determine the Income Effect of law of demand As a result of fall in the price of a commodity, real income of its consumer increase at least in terms of this commodity. Or we c
Define the simple statistical concepts of average Simple statistical concepts of average (mean) and standard deviation are used. Estimating a relationship among variables need
Factors affecting the total market demand These are broadly divided into the determinants of demand and conditions of demand. (a) Own price of the product This
Estimating economic relationships Managerial economics estimates economic relationships between various business factors likeelasticity of demand, income, profit analysis, cos
Rail Tours sells packaged tours on rail lines, including gourmet meals and a reserved bed. The most popular tours are in the autumn when colors are at their peak. The overnight pac
Advantages a. They are less costly to administer because the producers and sellers themselves deposit them with the government. b. If levied on goods with inelastic deman
Shifts in the supply curve Shifts in the supply curve are brought about by changes in factors other than the price of the commodity. A shift in supply is indicated by an entir
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