Protected: Inflation, its causes, measures, and its types
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Non Competitive Markets
Monopoly market Monopoly is that type of market where there is a single seller and large number of buyers. There is absence of close substitutes to the products. Features of Monopoly market:- (a) Single seller and large number of buyers. (b) Restrictions on the entry of new firms. (c) Absence of close substitutes. (d) Full control […]
Market Equilibrium
Wage Determination in Perfect Competitive Labour Market – Equilibrium of demand and supply of labour determines the wage rate. Marginal product of labour plays an important role in determining the demand for labour. Marginal Revenue Product of Labour: – The marginal revenue product of labour (MRPL) is the change in revenue that results from employing an additional […]
The Theory of the Firm under Perfect Competition
Minimum Price Ceiling: It means that producer are not allowed to sell, the goods below the price fixed by Government, When government finds that equilibrium price is too low for the produce, then Govt. fixes a price ceiling higher than equilibrium price to prevent the possible loss to the producers. The price is also called floor price or […]
Production and Costs
Production: – It is mainly transformation of resources into commodities. Production Function: Physical inputs. Production function of a firm describes the relationship between the output and the factors of production which are being used in the production process. It shows the required number of inputs needed to produce the maximum level of final output Marginal product refers to the change in […]
Theory of Consumer Behaviour
Consumer behaviour is the study of how individual customers, groups or organizations select, buy, use, and dispose ideas, goods, and services to satisfy their needs and wants. It refers to the actions of the consumers in the marketplace and the underlying motives for those actions. Utility is want satisfying power of a commodity. There are two types:- • Total […]
Introduction to Microeconomics vs Macroeconomics
Allocation of resources:- (i) What to produce and how much to produce? (ii) How to produce? (iii) For whom to produce? What to produce: – An economy have unlimited wants and limited means having alternative use. Economy can’t produce all type of goods like consumer goods, producer goods etc. So, Economy has to make a choice what type […]
Consumer Expenditure Survey
Govt unveils package to spur economic growth
Finance minister Nirmala Sitharaman has announced measures to revive growth, boost consumption and uplift investor and consumer sentiment. key announcements: Investors: Enhanced surcharge on FPIs stands withdrawn. Surcharge on domestic investors in equity markets also withdrawn. Aadhaar-based KYC for opening demat accounts and investment in mutual funds. Govt working to bring offshore rupee market to domestic market. Govt to consult with RBI to […]
Indian economy downturn
State of the economy: August 2019 The automobile industry, seen as a bellwether of activity in the post-liberalisation years is in crisis as automakers, parts manufacturers and dealers laid off about 350,000 workers within 4 months, with more job cuts likely. Reflection of falling demand from higher income groups But, Parle Products, once the world’s […]