Introduction: In Statistics, we commonly encounter the concept of the median, which represents the middle value or mean of the two middle values in a dataset. However, there are other essential values that divide data into equal parts for more comprehensive analysis. Quartiles divide data into four parts, deciles into ten parts, and percentiles into one hundred parts. These measures provide...
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Median in Statistics
Definition The median divides a frequency distribution into two halves. The median of set of values arranged either in ascending order or descending order of their magnitude is referred as the middle value. Median is denoted by ( X- childa). Explanation Where the number of values in a data is odd, the median shall be the middle value. And where the number of values is even, the median shall be...
Mean and its Types in Statistics
Averages Introduction We have already learned that it is difficult to learn anything from the raw unless and until the data is arranged in proper manner. When the data have been arranged into a frequency distribution, the information contained in the data could be easily understood. Now we will move a step ahead and find a single value, which will represent all the values of the distribution in...
Types of Frequency Distribution
Introduction Frequency distribution table can be presented in various ways, depending upon the usage and utilization of the data. Frequency distribution is divided into several kinds also due to nature of raw data. Much useful information can be inferred from the frequency distribution table; therefore, frequency distribution table can be presented in proper and useful manner. Following are the...
Frequency Distribution
Introduction Before preparing frequency distribution it is necessary to collect data of the required nature from the various sources. The data collected is always in raw form which is needed to be arranged in a proper arrangement for the purpose of inferring the required results. You need to do certain preparations for frequency distribution, which includes the classification and tabulation of...
Perfect Competition vs Monopoly (In Detail)
Introduction Perfect competition and monopoly represent the two extreme ends of the market structure spectrum in economics. Understanding their differences is fundamental to microeconomics, as they produce completely different outcomes for prices, output, and consumer welfare. Perfect Competition: Many sellers, many buyers, identical products. Monopoly: Single seller, many buyers, unique...
Sources of Monopoly Power
We all know that pure monopoly is very rare in today rapidly growing and progressing businesses. Every now and then we have competitors around us so we barely see such companies who can rule the whole market without having any barriers or alternative. Â Yet there are two questions that come up when we are talking about a pure monopolist. Are you interested in creating an Academic Blog just like...
The effect of Shifts in Demand in Monopoly
A Monopolistic market has no Supply curve The reason behind it the NO SUPPLY CURVE is that the monopolist output decision depends not only on Marginal cost but also on the Shape of Demand Curve. Note that the shape of demand curve do not tell us Price and Quantity that reaches to a competitive supply curve. Instead, shifts in demand curve can lead to 1. Changes in Price with no change in Output...
How does a Monopolist finds the correct Price and Output in Practice ?
When we are talking about an Imperfect competitive firm who is a price taker and has enough market power to have its Products price above the Marginal cost, than we also need to find out what would be that correct price and output that a monopolist must use to have its MR=MC. Just like we discussed in our last discussion about the Output decision of Monopoly. So a rule of thumb is applied in...
Monopoly Cost and Output Decision
When firms have some control over the price of their product, we call it an IMPERFECT COMPETITION. This also means that the firm has MARKET POWER; ability to raise price without losing all of the quantity demanded for their product. Thus, Market Power + Imperfect Competition = Major sources of Inefficiency So when we are talking about PURE MONOPOLY, we must keep in account of the following: A...
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