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Understanding the economy as a whole
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The amalgamation of Economics, statistics and mathematics
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Income and Subs. Effect: Price Consumption Curve
We have been discussing about Demand curve of product with changes in its price and Quantity Demanded depending on different Situation. Let us now be more concerned about Individual Consumer Demand Curve whose decision are affected by the limited budget it has....
Demand and Supply: Changes in Market Equilibrium
From our last Lectures we now do know that Equilibrium prices are determined by the relative level of supply and demand. And that changes in supply and/or demand will cause change in the equilibrium price and/or quantity in a free market. Let us provide some example...
Supply and Demand: Elasticity and Linear Demand Curve
We described one of the most important concerning topics of Principles of Microeconomics that is ELASTICITY . But what happened as we move along a demand curve ? Since its downward Sloping, what consequences does it has for the elasticity that we just studied? ...