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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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
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Economics
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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Health
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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Sports, Trending
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
Small tools but, important sometimes: View this post on Instagram A post shared by Sarcasm (@sarcastic_us) View this post on Instagram A post shared by Small Important Things (@smallimportantthings) View this post on Instagram A post shared by Small Important Things (@smallimportantthings) View this post on Instagram A post shared by MeRaKi 🌻 (@lovejib1)
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Trending
Well, we all saw the young Indian team under the captaincy of Rishabh Pant take on the mighty South Africans in T20. They had initial hiccups, but they came back stronger and, after losing the first two T20’s, everybody thought the South Africans would win the series, but the Indians had other ideas. They regrouped
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Sports
Match 1 Venue: Arun Jaitley Stadium, Delhi Date: 09.06.2022 Time: 7:00 PM Result: South Africa won by 7 wickets. Player of the match: David Miller ( South Africa). India vs. South Africa: Captain Rishabh Pant was leading the team from the Indian side and Temba Bavuma from the South African side. Temba Bavuma won the
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Sports
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
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Economics
Meaning The mathematical relationship between the cost of a product and various determinants of costs is referred to as a cost function. The dependent variable in a cost function is unit cost or total cost, while the independent variables are the price of a factor, the size of the output or capacity utilization, or any
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Economics