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Indifference curve Analysis: The ordinal utility approach is a very popular alternative Read more

What do we understand by “want” in economics? In economics, the term Read more

Total Outlay Method of calculating price elasticity: The total expenditure or outlay Read more

Based on values of price elasticity, economists have found it useful to Read more

Concept: The law of demand has an inverse relationship with its price, Read more

Business economics is an area of applied economics that examines business enterprises, Read more

Production Optimization: Generally, a profit-maximizing firm wants to determine which combination of Read more