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TRENDS OF NATIONAL INCOME: Estimates relating to India's national income and per capita income are available to us for each of the years beginning 1950-51. These estimates are
Manners of reaching to someone's place with a present of anything like flowers, chocolates, etc. In U.S., it's not feel good to give flowers to women by men. If a man giving some g
The price at which output is sold in a perfectly competitive market is determined by
Economies of Scale The reduction in the cost of each additional unit produced as all factors of production increase. Factors contributing to economies of scale include discoun
What is an optimization in the methods of mathematics of modern economics? Optimization is a basic tool for the development of modern microeconomics analysis. Many of economic
Axioms: Revealed preference theory is based on the axioms listed below. • Consumer will spend all her income on goods. The consumer equilibrium always remains on the budg
the conclusion
Exchange Rate Policy: LERMS, a dual exchange rate system, was introduced in the Budget for 1992-93. Under this system, 40 per cent of foreign exchange earnings were to be sur
Average product and marginal product: Average product (AP) is the output per unit of the variable factor employed. In other words, it is the productivity of the variable facto
What is the difference between 'scarcity' and 'shortage'? 'Scarcity' and 'shortage' have dissimilar definitions. In reality, when most of the goods and resources are scarce go
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