All that you need to know about Economics
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Microeconomics
Understand the functions of the individual entities of an economy
Macreconomics
Understanding the economy as a whole
Statistics
Learn the exact topics of statistics required for economic understanding
Econometrics
The amalgamation of Economics, statistics and mathematics
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Consumer Choice: Consumer Behavior Theory and Preferences
Consumer choice is one of the fundamental topics in Microeconomics. Consider a product that you are about to launch in the market. It is an edible product that you know consumers would consumer but how much should you charge? and how much can you provide at the price...
Consumer Choice: Budget Line Changes
As we know, income and prices can change and as incomes and prices change, there are changes in budget lines. So, we can show the effects of these changes on budget lines and consumer choices The Effects of Changes in Income An increase in income causes the budget...
Consumer Choice: Budget Constraints
Preferences do not explain all of consumer behavior. There are probably a lot of other factors as well. Budget constraints also limit an individual’s ability to consume in light of the prices they must pay for various goods and services. In other words, a consumer...