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Supply

SUPPLY | SUPPLY AND RESERVE PRICE | DETERMINANTS OF RESERVE PRICE

What is Supply?  Supply is dying quantity of output brought for sale in the market at a certain price, e.g., of rice is 1000 kg and is being sold in the market at Rs. 40 per kg. Whereas a stock is the quantity of output which a seller/businessman has with him and has not yet…

determinants of elasticity of demand

DETERMINANTS OF ELASTICITY OF DEMAND | IMPORTANCE

What are the determinants of elasticity of demand? As mentioned before, If a change the price leads to a large fluctuation in demand. demand is said to be sensitive or responsive. on the hand, if there is a deflection in, price but only a small corresponding change in demand, we say that it a case…

Elasticity of Demand

ELASTICITY OF DEMAND | TYPES OF ELASTICITY OF DEMAND  

What is Elasticity of Demand? The law of demand states that as the prices of (say) consumer goods go up, the quantity demanded for them will decrease, with other factors remaining the same. One shortcoming of this statement is that it does not explain as to how much of an increase or decrease in quantity…

Properties of indifference Curves

PROPERTIES OF INDIFFERENCE CURVES ANALYSIS | INDIFFERENCE CURVES

What are the Properties of indifference curves? The properties of indifference curves analysis are considered to be a superior approach to the determination of consumer’s Equilibrium than Marshallian utility analysis. The comparison of the two analyses regarding properties of indifference curves are as follows; PROPERTIES OF INDIFFERENCE CURVES 1. MORE REALISTIC APPROACH The indifference curves…

Exceptions of law of demand

EXCEPTIONS OF LAW OF DEMAND | CHANGE IN DEMAND

What are the exceptions of law of demand? as we know that Demand is the power to purchase a product coupled with a willingness to purchase it. There are several assumptions of law of demand, but there are also certain exceptions of law of demand. These exceptions of law of demand are discussed below;- EXCEPTIONS OF…

Law of Demand

LAW OF DEMAND | ASSUMPTIONS OF LAW OF DEMAND

What is Law of Demand? Demand is the power to purchase a product coupled with willingness to purchase it. If a consumer holds only one of them, then the meaning of demand does not hold. Take the case of a poor man; he may be willing to purchase expensive goods. But his willingness is not…

Indifference Curves

WHAT IS INDIFFERENCE CURVES | CHARACTERISTICS OF INDIFFERENCE CURVES

WHAT IS AN INDIFFERENCE CURVES? An indifference curve is a contour line that slopes downward from left to right, showing equal levels of satisfaction on each of its points, with the given amount of income spent on different combinations. As the indifference curve is always convex to the origin it shows that the Marginal Rate of…

Limitations

LIMITATIONS OF THE LAW OF EQUI-MARGINAL UTILITY | PRACTICAL IMPORTANCE

What are the limitations of the Law of Equi-marginal utility? we know that there are important assumptions of the law, but there are several limitations of the law which are dicuss below; LIMITATIONS OF THE LAW OF EQUI-MARGINAL UTILITY : The main limitations of the Law are given below;- (i)         QUANTITATIVE MEASUREMENT OF UTILITY: Utility…

Law of Equi-Marginal Utility

LAW OF EQUI-MARGINAL UTILITY | CONSUMER’S EQUILIBRIUM UNDER THE LAW

What is the law of Equi-Marginal utility? As we know that there is one defect in the law of diminishing marginal utility. This is that it only explains the behaviour the consumer as a regarding whole. Therefore, a particular consumer commodity law of equi-marginal at each time utility. It does be not developed explain which is…

Law of Diminishing Marginal Utility

LAW OF DIMINISHING MARGINAL UTILITY | IMPORTANCE OF LAW

What is Law Of Diminishing Marginal Utility ? Marshall says… “The additional advantage which a person derives from a particular increase of his stock of a commodity diminishes with every increase in stock that he already has… “. We can briefly explain Marshall’s theory with the example of the six apples consumed. The first apple…

Consumer Behaviour

WHAT IS CONSUMER BEHAVIOUR | IMPORTANCE OF CONSUMPTION

What is Consumer Behaviour ? Let us first define the topic. Consumers are those people who consume goods and services to satisfy their own wants. Whereas consumption in economics can be divided into two categories. money sense real sense Consumption in the money sense is that part of income which is spent on consumer goods. e.g.,…

Methods of Economics

METHODS OF ECONOMICS | MOTHODOLOGY DERIVING ECONOMIC LAWS

What are the methods of Economics ? Economists have adopted two methods of investigation. Regardless of whether they are natural or social, they are known as the deductive and inductive methods. let’s discuss various methods of economics in detail; METHODOLOGY | METHODS OF ECONOMICS   DEDUCTIVE METHOD: Deductive comes from the word deduce, which means…

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