Some Application of Indifference curves Technique

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Some Application of Indifference curves Technique Economists Tchaikovsky, Higgins and other lay more emphasis on the objective of satisfaction maximization.With the help of indifference curves they showed how an entrepreneur is able to achieve a point which gives him satisfaction intimation in comparison with the profit organisation. Indifference curves are used as a relation between an entrepreneur’s sale of preference between leisure […]

Effect of a Subsidy

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Effect of a Subsidy Suppose the low-income groups are supplied by the Government Dollie necessaries (say, housing accommodation) at subsidized rates, (i.e., lower price ). Most welfare States like to help poor citizens in the manner. Let us suppose that the governmental sew lies wheat at half price, theocratic half being a subsidy ‘nil’ question is whether tile benefit to the […]

Rationing

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 Rationing Rationing is another field in which the difference curve technique can be applied. Suppose in non price rationing an equal quantity of the rationed commodity is allotted to each individual. Take two  P and Q is allotted  the same quantity is allotted to Q. P will be curve , and Q difference curve. But the absence of rationing […]

Cost of Living Index

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Cost of Living Index Tile cost of living depends on the collection of goods and services consumed by the household. The standard of living consists of the various combination of goods yielding equal satisfaction. Such combinations can be represented by points on the same indifference  curve.If the combinations of goods purchased in two successive years arc plotted on the indifference curve, […]

SUPPLY CURVE OF PERFECTLY COMPETITIVE INDUSTRY

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SUPPLY CURVE OF PERFECTLY COMPETITIVE INDUSTRY Concept of Supply Cline l’he supply curve or an industry depicts the various quantities (If the product that it would offer to sell at various prices at a given time. TIle quantities that the industry can offer to sell will depend on the pIece or its good in relation to the cost conditions […]

Short run SUpply Curve

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Short run SUpply Curve  As seen previously, the short-run is a period in which the capital equipment is fixed and the increased demand is met only by the intensive use of the given plant, i.e.by increasing the amount of the variable factors. We have studied above that a firm under perfect competition produces an output at which marginal cost equals price. […]

Supply Curve of tlie Increasing Cost Industry

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Supply Curve of tlie Increasing Cost Industry If the industry is of appreciable size and its demand for productive resources constitutes a sufficiently large part of the total demand for the resources, then its expansion will cause their prices to rise. The wages of specialized labour and the prices of other scarce factors like raw materials, capital equipment arc bound to rise as the […]

Supply Curve of the Decreasing Cost Industry

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Supply Curve of the Decreasing Cost Industry It is conceivable that an industry might have decreasing costs due to net external economics. As a young industry grows in a new territory, it is likely that external economics may overweigh the external diseconomies so that, with the expansion of the industry, production costs would be reduced. The presence of net external economics will […]

Measurement of National Income

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Measurement of National Income The indifference curve technique also tends itself for measuring national income. National income is the aggregate value of the net output of an economy. Each individual attaches the same relative importance to the commodities as their price ratio. National income is produced by the members of the community aim so also it is consumed by them. An […]