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…

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…

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 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…

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…

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…

This post includes points surrounding the budget line, features of the budget line, and the changes in the budget line. But first, you can go through the meaning of the…

Economics is one of the social sciences, which has a great influence on every human being. As economic life and the economy go through changes, it is important to understand…

The way we have a budget in our family to look after the household expenditure, in the same way, we use a budget line to show our income levels beyond…

This is an interesting topic for all economics students to learn. Although this theory does not apply practically, it forms the basis for consumer behavior. So, today we will learn…