What are Normal Goods? The goods whose demand increases when there is an increase in the income of the consumer are known as Normal Goods.… Read More
Category Archives: Microeconomics
What is Budget Line? The term budget line refers to a graphical representation of all the potential combinations of two commodities that can be bought… Read More
While drawing a budget line, it is assumed that the income of the consumer and the price of the commodities is constant. Therefore, there will… Read More
What is Budget Line? A graphical representation of all possible combinations of two goods which a consumer can purchase with the given prices and income… Read More
In economics, demand is the quantity of a good or service that a consumer is willing and able to purchase at different price levels available… Read More
What is Returns to Factor? Returns to a factor refer to the rise in the total product that results from increasing just one factor while… Read More
What is the Law of Variable Proportions? Imagine that a farmer is cultivating wheat only by using more and more labour in a circumstance where… Read More
The number and types of firms operating in an industry and the nature and degree of competition in the market for the goods and services… Read More
What are Normal Goods? The goods whose demand increases when there is an increase in the income of consumer are known as Normal Goods. These… Read More
The number and types of firms operating in an industry and the nature and degree of competition in the market for the goods and services… Read More
The number and types of firms operating in an industry and the nature and degree of competition in the market for the goods and services… Read More
Consumers are the ones who make the majority of consumption decisions. A consumer is someone who buys goods and services to fulfil demands. He makes… Read More
Consumers and producers both play a crucial role in the efficient operation of an economy. A producer uses a variety of inputs to create commodities… Read More
What is Consumer’s Equilibrium? The term equilibrium is used frequently in economic analysis. It is a state of rest or a position of no change,… Read More
Microeconomics is a branch of economics studying the behaviour of an individual economic unit. Adam Smith is known as the father of economics and microeconomics.… Read More
