Elasticity of Demand, Price and Income- Micro and Macro EconomicsMomina Riaz
To sustain the economy, you must know the elastic and inelastic demand of customers. In the uncertain environment and tough competitors, most of the businesses could not sustain their profitability and gone towards downfall. The keen observation related to price, demand, income, and supply makes you able to choose the right strategy for your business. This slide presentation covers Demand elasticity, price elasticity, income elasticity, its types, factors, and shapes with graphical representation.
MG University MBA Theory of consumer behavior .ideal for MG University MBA degree 2020-22 .cardinal and ordinal utility analysis is mentioned with examples.
easy to understand very helpful for students .................................................................................................................
rights to respective owners..............................................................................................................................................................................................................................................................................................................................................................................................................................................................
Elasticity of Demand, Price and Income- Micro and Macro EconomicsMomina Riaz
To sustain the economy, you must know the elastic and inelastic demand of customers. In the uncertain environment and tough competitors, most of the businesses could not sustain their profitability and gone towards downfall. The keen observation related to price, demand, income, and supply makes you able to choose the right strategy for your business. This slide presentation covers Demand elasticity, price elasticity, income elasticity, its types, factors, and shapes with graphical representation.
MG University MBA Theory of consumer behavior .ideal for MG University MBA degree 2020-22 .cardinal and ordinal utility analysis is mentioned with examples.
easy to understand very helpful for students .................................................................................................................
rights to respective owners..............................................................................................................................................................................................................................................................................................................................................................................................................................................................
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Cambridge International AS A Level Biology Coursebook - EBook (MaryFosbery J...
Theory of utitltiy
1. Theories of Utility
•Utility is the want satisfying power of a commodity
•Is the psychological feeling of satisfaction, pleasure, happiness or well
being which a consumer derives from the consumption, possession or the
use of a commodity.
•In economics, it is ethically neutral.
•Utility is subjective or relative. Eg: Alcohol
•Varies from person to person.
•A commodity need not have the same utility for the same consumer at
different points of time.
Total Utility
•It is the sum total of the satisfaction which a consumer receives by
consuming various units of the same commodity.
2. Marginal Utility
•It is the additional utility derived from additional unit of a commodity
consumed.
The law of Diminishing Marginal Utility
•Based on an important fact that while total wants are unlimited, each single
want is satiable.
•Alfred Marshall, the exponent of the above theory defines the law as “ The
additional benefit which a person derives form a given increase of his stock
of a thing, diminishes with every increase in the stock that he already has”
•Mean that as the consumer consume more of a commodity, the utility of
every additional unit consumed diminishes.
3.
4.
5. Relationship between Total Utility and Marginal Utility
• When TU rises the MU diminishes.
• When the TU is maximum then the MU is zero
• When the TU is diminishing then the MU is negative.
Reasons for this phenomena
•Even though, human wants are unlimited, yet a particular want can be
fully satisfied. His marginal utility decreases as consumption of that
commodity increases and it reaches zero and even negative.
•Goods are imperfect Substitutes to one another.
Limitation
•1. Homogeneity – size and quality must be same.
•2. Suitable time.
•3. No change in the taste of the consumer
•4. Normal persons.
5. Constant income – if income changes, he may go for a superior
brands
6. Uses of the law of DU
1. In determining the price of a commodity.
2. To explain the paradox of value- namely water- diamond paradox
• Water is plenty – so its relative MU is less
• So it has less price
• Diamond – scarce and its marginal utility is very high and hence
commands a price.
3. Explain the reason for the downward sloping of a DD curve.
4. In the field of taxation
• For rich people with high income, marginal utility of money is low.
• So higher tax on the rich.
7. Exceptions to the law of DU
•a. Alcoholics
•b. Misers
•c. Money
•d. Reading
•e. Hobbies and Rare collections
•f. Arts
The law of Equi-Marginal Utility
It states that the consumer would distribute his money income between
the goods in such a way that the utility derived from the last Rupee spent
on each good is equal. i.e.
MU of X = MU of Y = MU of Z
Price of X Price of Y Price of Z