Law of Substitution, Equi-marginal Principle

The law of substitution was at first pointed bout by H. H. Gossen. Hence, this … Read more Law of Substitution, Equi-marginal Principle

Law of Diminishing Marginal Utility

The law of diminishing marginal utility expresses the universal human experienc… Read more Law of Diminishing Marginal Utility

Theory of Consumer Behavior

Those who buy goods and services for their own consumption are called consumers… Read more Theory of Consumer Behavior

Factors Determining Elasticity of Demand

It is difficult to say whether the demand for a commodity is elastic or inelast… Read more Factors Determining Elasticity of Demand

Measurement of Price Elasticity: Total Outlay Method

In general, elasticity of demand means price elasticity. The concept of price e… Read more Measurement of Price Elasticity: Total Outlay Method

Cross Elasticity of Demand: Proportionate change in demand with change in price

Cross Elasticity of Demand Some goods are related to each other. So a fall in t… Read more Cross Elasticity of Demand: Proportionate change in demand with change in price