Business Mathematics Notes | PDF, Syllabus | B COM, BBA 2021

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Market Failure

In economics, Market failure occurs when there is an imbalance in the quantity of a product demanded and supplied, which leads to an inefficient allocation of resources.


Market Power

Market power define as the ability of an organisation to raise the market price of a good or service over marginal cost to achieve profits. It can also be defined as the degree of control an organisation has over the price and output of a product in the market.


Elasticity of Demand

In economics, the elasticity of demand is a degree of change in the quantity demanded of a product in response to its determinants, such as the price of the product, price of substitutes, and income of consumers. There are three types of elasticity of demand: 1. price, 2. Income, 3. Cross elasticity of demand


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.


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.