Indifference curve Analysis:

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 […]

Why and how Emojis are popular everywhere for any type of communication – Evolution

emoji

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.

Total Outlay | Advertising | Cross price Elasticity

Economics

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 […]

Interpretation of elasticity of demand: Brief Overview in all Aspects

Economics Interpretation

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 […]

Do you believe doctor’s are boosters for our medical needs ?

Singhvi Online

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 […]

Concept of Elasticity of demand & price elasticity of demand

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 […]

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