Managerial Economics Notes | PDF, Syllabus | MBA 2020

Download Managerial Economics Notes for MBA 2020. We provide the complete MBA 1st Sem managerial economics study material which includes managerial economics notes, managerial economics books, managerial economics syllabus for MBA, managerial economics reference books, managerial economics question paper, managerial economics questions and answers and available in managerial economics pdf form.

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Managerial Economics Notes | PDF, Syllabus | MBA 2020
Managerial Economics Notes

Price Ceiling and Price Floor

A price ceiling can be defined as the price that has been set by the government below the equilibrium price and cannot be soared up above that. A price floor is said to exist when the price is set above the equilibrium price and is not allowed to fall.

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Elasticity of Supply

According to Prof. Thomas, “The supply of a commodity is said to be elastic when as a result of a change in price, the supply changes sufficiently as a quick response. Contrarily, if there is no change or negligible change in supply or supply pays no response, it is elastic.”

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Income Elasticity of Demand

An increase in the income of consumers increases the demand for the product even if the price remains constant. The responsiveness of quantity demanded with respect to the income of consumers is called the income elasticity of demand.

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Types of Price Elasticity of Demand

The extent of responsiveness of demand with change in the price does not remain the same under every situation. The demand for a product can be elastic or inelastic, depending on the rate of change in the demand with respect to change in price of a product.

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Price Elasticity of Demand

Price elasticity of demand is a measure of a change in the quantity demanded of a product due to change in the price of the product in the market. It can also be defined as the ratio of the percentage change in quantity demanded to the percentage change in price.

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