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Substitution Effect
- The substitution effect is change in an item's consumption associated with the change in the price of the item, level of utility held constant.
- When the price of item declines, substitution effect leads to an increase in the quantity of item demanded.
Income Effect
- The income effect is change in the consumption of an item brought by increase in purchasing power, with the price of item held constant.
- When income of person increases, the quantity demanded for product can increase or decrease.
- Even with inferior goods, the income effect is sufficiently large to outweigh the substitution effect.
Government Policy Business Cycle Business cycles create instability in the economy. The period of boom or rising business activities is characterised by increase in output, emp
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Stock Market: A place where shares of joint stock corporations are sold andbought. Most modern stock markets no longer have a physical presencehowever rather connected computer net
Aspects to promote administrative reforms: Following aspects to promote administrative reforms: 1) A closer focus on results in terms of efficiency and effectiveness, and
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Long run equilibrium - Perfect competition: In the long-run, on the other hand, the firm in perfect competition is making normal profit or zero economic profit as shown in Fig
Ask qIf the supply and demand curves for labor are represented by the following equations: Wd= -- (1/100)Ld + 30 Ws= (1/200)Ls Ws=Wd Ld=Ld a. Graph the results and show the equili
a monopolist faces a demand curve Qd- 120-2p and has costs given by C(Q)=20Q+100 (marginal cost is constant at $20) a. What is the optimal Price and Quantity for this monopolist?
Explain the micro and macro economic issues that can be represented on the PPC
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