Income Effect on Consumer's Equilibrium - Substitution Effect on Consumer's Equilibrium - Price Effect on Consumer's Equilibrium - Derivation of Demand Curve from Price Consumption Curve
Many products that used to last a lifetime now break down in a few years forcing consumers to buy a replacement.
The costs and revenues of a firm determine its nature and the levels of profit. The revenue concepts commonly used in economic are total revenue, average revenue and marginal revenue...
Gross Domestic Product is the standard measure of how well or poorly an economy is doing. Some economists say it’s a false indicator.
How does the Federal Reserve use interest rates to control the economy, and how do these changing interest rates affect you as a consumer or business owner?
Linen fibers are natural fibers that have a long history. In this article, you will know a brief history of flax, the microstructure of flax fiber, physical and chemical properties, flax industry, its uses and how to care for linen fabrics.
Silk is one of the finest and most strength natural fiber. In this article, you will know the history of natural silk, the life cycle of the silkworm, silk types, the chemical structure of silk fiber, physical and chemical properties, and how to maintain silk fabrics.
This article analyses the advantages and disadvantages of a firm’s international expansion and make some concluding recommendations.
Gossen, a German economist, is the first to explain the law of diminishing marginal utility based on general observations of human behavior. Therefore, the law is also termed as ‘Gossen’s first law’.
Natural wool textiles are the best fabrics used during the winter to provide warmth. In this article you will know the history of wool, characteristics of wool fibers, woolen microstructure, sheep wool types, wool manufacturing process, uses, and the good washing of wool fabrics.
Meaning of consumer's equilibrium - assumptions - budget line or price line - indifference map - necessary conditions for consumer's equilibrium - deriving consumer's equilibrium graphically
Being poor is no fun; among the many negatives are bad health, exposure to crime, and lack of education.
Winemaking is a multifaceted and delicate process that has transcended centuries and is enjoyed by many cultures. However, the intricate method of creating wine has both numerous positive and negative environmental, social as well as economical impacts.