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## Regression

Definition “Regression is a process by which we estimate one of the variables, which is dependent variable, on the basis of another variable, which is independent .” Dependent Variable Dependent variable is the one which is intended to be estimate or predicted is...

## Mode in Statistics

Definition The mode is defined as the value in the data, which occur the greatest number of times in an array of data. For example i. The mode of the values 2, 5, 7, 8, 9, 9 and 10 is 9 ii. The mode of the values 11, 12, 12, 14, 15, 15, 15, 17, 17 and 19 is 15....

## Quartiles, Deciles and Percentiles

Introduction: All of us are aware of the concept of the median in Statistics, the middle value or the mean of the two middle values, of an array. We have learned that the median divides a set of data into two equal parts. In the same way, there are also certain other...

## 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...

## 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...

## 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

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...

## Perfect Competition vs Monopoly (In Detail)

One of the very important Perfect and Imperfect markets namely Perfect competition and Monopoly has always been studied in every foundation course of Economics. These are the distinguishing features of both the markets. Perfectly Competitive Market – Perfect...

## 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.  Yet there are...

## 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...

## 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...

## 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...

## 5 steps to follow when solving any Economics paper

Every course has its own particular method of solving it. From preparatory courses to the usual theoretical ones, you need to take some smart step in solving your questions and these factors must also be applied to the papers of Economics. Because it is not just about...

## Free Online Courses of Economics with Certificates

I came across some very worth noticing links that has alot to tell about economics including other sub-domains of economics. And i am so very happy to see alot of courses were free and provided a certificate of completion. The links are as follows. 1. Open culture has...

## 10 important points about Perfect Competition in Economics

1. Perfectly competitive firm cannot affect the market price  Because all the products sold in the market are identical–any rise in price leads to loss of customers Because there are many buyers and sellers- so the firm isn’t the only firm which sells that...
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