Learning

Learning never stops, always be curious to learn more.

Economics

Total Outlay | Advertising | Cross price Elasticity

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

Total Outlay | Advertising | Cross price Elasticity Read More »

Economics
Economics Interpretation

Interpretation of elasticity of demand: Brief Overview in all Aspects

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

Interpretation of elasticity of demand: Brief Overview in all Aspects Read More »

Economics
Elasticity of Demand - Price Elasticity of demand

Concept of Elasticity of demand & price elasticity of demand

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

Concept of Elasticity of demand & price elasticity of demand Read More »

Economics
Business Economics - Singhvi Online

Let’s learn about business cycles to enhance your theoretical knowledge of business economics

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

Let’s learn about business cycles to enhance your theoretical knowledge of business economics Read More »

Economics
Singhvi Online Economics of Budget & Cost Management

Production Optimization Using Isoquants and Isocosts Curves

Production Optimization: Generally, a profit-maximizing firm wants to determine which combination of factors of production (or inputs) would minimize its cost of production for a given output. This can be known by combining the firm’s production and cost functions, namely isoquants and iso-cost lines, respectively. Let us understand what we mean by isoquants. Isoquants: An

Production Optimization Using Isoquants and Isocosts Curves Read More »

Economics
Cost Concept - Singhvi Online

Need of Cost Concepts from Economics View point with the broader perspective

“Cost is a fundamental notion in economics.” It refers to the sum of money paid to get products and services. To put it another way, cost is a financial assessment of the resources, materials, hazards, time, and utilities consumed to acquire goods and services. Cost principles and interrelationships: Optimal input utilization and production. A farmer’s

Need of Cost Concepts from Economics View point with the broader perspective Read More »

Economics