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RECENT DEVELOPMENT OF DEMAND THEORY:
The basic theory of consumer behaviour discussed in the previous unit can be extended in many directions, and can be applied to cover optimal behaviour for a variety of specific types of utility functions. Some of these extensions and specific applications are discussed here. In the market, prices of all goods are given to the consumers. They can't influence the price by changing their own decisions. Some times prices are also given to the individual firm i.e., in some cases, firms also are not able to charge prices that they want and have to settle with the price prevailing in the market. There ware considerable interest therefore among the economist to explain the price formation in different types of markets. The Demand-Supply analysis is the most important among them. Once the equilibrium is achieved the second most important question came to mind is the question of stability of that equilibrium. There are many approaches to determine the stability property of equilibrium. Among them Cobweb model is simplest and quite elegant in nature.
Gay Lussac''s law of gaseous volumes: While gases react with each other they always do so in volumes that bears a simple ratio to one and another or to the volumes of the products
What are the main causes of unemployment? Two main paths are available; demand-deficient unemployment and real wage unemployment. After explaining unemployment (percentage o
What is an index number?compile a chart of the types of consumer price index numbers showing-the agency who prepares it,index formula,target group,groups of items covered and the w
Economic Reforms and Industrial Growth Economic reforms were mainly intended to remove obstacles so that investment in industry may be accelerated. With this end in view, indu
what is Scitovsky Contour ?
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Sources of external economies of scale: Economies of Skilled Labour: This involves upgrading the skills of labour through the provision of education and training faci
Distinguish among the terms of trade and the balance of trade for a country. Definition of terms of trade a) The amount of a given amount of export goods essential to buy
Uses of national income statistics: - It helps to organize economic data and activities. - It helps to classify economic activities into various segments or sectors. - It he
How is consumer utility calculated?
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