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Indifference curve Analysis: The ordinal utility approach is a very popular alternative and a more realistic way to describe customer demand. This approach uses a different tool, namely the indifference curve, to analyze consumer behavior and is based on consumer preferences. The approach is based on the belief that since human satisfaction is a psychological…
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Match 1 Venue: Rose Bowl Cricket Ground Date: 07.07.2022 Result:India won by 50 runs. Player of the match: Hardik Pandya India vs. England: It was good news for India as Rohit Sharma was fully recovered and he was back to captaining the side for India. Jos Buttler was captain for England. India won the toss…
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World Emoji Day is an annual unofficial holiday that takes place on July 17 and is intended to honor emoji; in the years since it was first observed, it has grown in popularity as an occasion for emoji-related product launches and releases. Thanks for Watching, use emojis to express and always be happy.
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What do we understand by “want” in economics? In economics, the term “want” refers to a wish, desire, or motive to own or/and use goods and services that give satisfaction. Want may arise due to physical, psychological, or social factors. We must choose between our urgent wants and our less urgent wants because resources are…
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Total Outlay Method of calculating price elasticity: The total expenditure or outlay made on it and the price elasticity of demand for that commodity are significantly related to each other. We can say that the price elasticity and total revenue received are closely related to one another because the total expenditure (price of the commodity…
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Based on values of price elasticity, economists have found it useful to categorize distinct types of demand behavior. Since we draw demand curves with quantity on the horizontal axis and price on the vertical axis,∆Q/∆P = (1/slope of curve). As a result, demand is less elastic for any given price and quantity combination, the steeper…
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Doctors! We never think about them until we are in pain. They treat us and mend us, and we thank the gods. On this doctor’s day, let us take time to appreciate some beautiful souls, the doctors. The first ever Doctors Day was celebrated on the 1st of July, 1991. It’s been two decades and…
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Match 1 Venue: The Village, Dublin Date: 26.06.2022 Time: 9:00 PM Result: India won by 7 wickets. Player of the match: Yuzvendra Chahal ( India) India vs. Ireland : The Indian team was all set to take over Ireland. Hardik Pandya was first time captain for India, and Ireland, under the captaincy of Andy Balbirnie,…
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Concept: The law of demand has an inverse relationship with its price, i.e., as the price rises, the quantity demanded decreases and vice versa. However, it is very important to understand the extent of the relationship or the degree of responsiveness of demand to change in its determinants. I.e., how sensitive is demand to its…
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Business economics is an area of applied economics that examines business enterprises, the variables influencing the variety of organizational structures, and the interactions between businesses and the labor, capital, and product markets using economic theory and quantitative tools. Similar to how people go through different stages of life, practically every firm goes through several stages…