Tutorial Topic: Law of diminishing marginal utility, definition, example, assumptions, exceptions, importance of law of diminishing marginal utility. What is Law of Diminishing Marginal Utility?…
Consumer demand analysis is a process of assessing consumer behaviour based on the satisfaction of wants and needs generated by a consumer from the consumption of various goods. The satisfaction that consumers gain out of the consumption of a commodity or service is called utility.
The level of satisfaction derived by a consumer after consuming a good or service is called utility. In economics, utility can be defined as a measure of consumer satisfaction received on the consumption of a good or service.
Movement in the supply curve is when the commodity experience change in both the quantity supply and price. The shift in the supply curve is when, the price of the commodity remains constant, but there is a change in quantity supply due to some other factors.
In economics, supply curve is a graphical representation of supply schedule is called supply curve. Supply curve can be of two types, individual supply curve and market supply curve.
In economics, a Supply schedule is defined as a tabular representation of the law of supply. It represents the quantities of a product supplied by a supplier at different prices and time periods, keeping all other factors constant. There can be two types of supply schedules.
The law of supply states that the relationship between price and supply of a product. According to the law of supply, the quantity supplied increases with a rise in the price of a product and vice versa while other factors are constant.
Supply does not remain constant all the time in the market. There are many factors that influence the supply of a product. Generally, the supply of a product depends on its price and cost of production. Thus, it can be said that supply is the function of price and cost of production. These factors that influence the supply are called the determinants of supply.
Tutorial Topic: What is supply? definition, type, example, determinants of supply. A market is a place where buyers and sellers are engaged in exchanging products…
Movement in the demand curve is when the commodity experience change in both the quantity demanded and price. The shift in the demand curve is when, the price of the commodity remains constant, but there is a change in quantity demanded due to some other factors.