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Law of demand

The law of demand and its determinants

We have seen the meaning and types of the demand curve. Today, I will be explaining the law of demand and its determinants. Determinants of demand are also known as…

Exceptions to the law of demand

The law of demand: Exceptions

The exceptions to the law of demand mean the goods or conditions where the law of demand is not applicable or does not operate. The law of demand states an…

Relations & Functions

What are the Functions?

After doing Relations in maths, the next topic under algebra is a function and its types. The function is a rule that connects every element of a non-empty set ‘A’…

7 Things You Should Know About Economics

7 things about Economics

Demand, Quantity demanded

The demand curve

Demand is defined as the quantity of a commodity that a consumer is willing and able to buy in the market, keeping other things constant (Ceteris paribus). For example, a…

Consumer Equilibrium under IC Analysis

Consumer Equilibrium Using Indifference Curve Analysis

Consumer equilibrium using indifference curve analysis is at a point where the consumer indifference curve touches the budget line. We have done consumer theory, consumer equilibrium using utility analysis, the…

Marginal Rate of Substitution

What is the Marginal Rate of Substitution?

The marginal rate of substitution refers to the rate at which the consumer substitutes one good, to obtain one more unit of the other good. Today, we will understand the…

Indifference curve

What is the indifference curve analysis?

Another important topic in economics after the budget line is the indifference curve analysis. The word ‘Indifference’ means being ‘neutral’ or having no effects at all. An indifference curve is…

Energy- Issues, Challenges and solution

What are some energy problems?

Energy is a crucial part of economic infrastructure. There are several challenges when it comes to energy: it is mostly insufficient in the rural sector, not only due to affordability…

Probability

What is Probability?

Probability is a measure of the likelihood of an event to occur. Many events cannot be predicted with total certainty. We can predict only the chance of an event to occur,…

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