RATIONING This is a prevailing economic situation of scarcity of essential commodities in the market in which consumers are allowed to have access to these commodities at specified quantities and… Read More »RATIONING AND HOARDING
PRICE CONTROL POLICY This is defined as a process by which the government or its agency fixes the price of essential commodities. That is, it is a situation where the… Read More »PRICE CONTROL/ LEGISLATION
Cross Elasticity of Demand is the degree of responsiveness of quantity demanded of commodity X to a little change in the price of commodity Y. Cross elasticity of demand is… Read More »CROSS ELASTICITY OF DEMAND
Income elasticity of demand is the degree of responsiveness of quantity demanded of a commodity to a little change in consumer’s income. That is, it measures how changes in income… Read More »INCOME ELASTICITY OF DEMAND
Elasticity of supply can be defined as the degree of responsiveness of change in quantity supplied as a result of change in price. Elasticity of supply measures the extent to… Read More »ELASTICITY OF SUPPLY
DEFINITION OF ELASTICITY OF DEMAND Elasticity of demand may be defined as the degree of responsiveness of demand as changes in price, income, prices of other commodities etc. Types… Read More »ELASTICITY OF DEMAND
CHANGE IN QUANTITY DEMANDED A change in quantity demanded, is otherwise known as movement along a particular demand curve that is only influenced by price. When there is a change… Read More »DEMAND AND SUPPLY
THEORY OF CONSUMER BEHAVIOUR The theory of consumer behaviour is also known as the theory of household behaviour. It is primarily concerned with how the consumer or household tries to… Read More »THEORY OF CONSUMER BEHAVIOUR
MEASURES OF DISPERSION This also known as measures of spread or variation describes how the data given in any distribution are spread about the ‘Mean’, or the overall spread of… Read More »MEASURES OF DISPERSION OF A GROUPED FREQUENCY DISTRIBUTION
MEASURES OF CENTRAL TENDENCY These are the values which show the degree to which a given data or any given set of values will converge toward the central point of… Read More »MEASURES OF CENTRAL TENDENCY