Introductory Microeconomics

Exceptions to Law of Demand Exceptions to Law of Demand are described below: 1. Giffen Goods: Giffen goods are the inferior goods whose demand increases […]

Law of Demand Law of demand states that other things beings equal, demand for a commodity varies inversely with the price of the same commodity. […]

Cardinal Utility Analysis Cardinal utility analysis is the oldest theory of demand which provides an explanation of consumers demand a product and derives the law […]

Meaning and Concepts of Supply: Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available […]

Meaning and Concept of Demand Demand in economics is defined as consumers’ willingness and ability to consume a given good. An increase in price will […]

Positive and Normative Economics We know that economics is basically a social science. Its nature is neither that Botany nor Zoology, nor like that Physics […]

Ten Fundamental Principles of Economics A) How people make a decision. 1) People face tradeoffs. People live in society. They face different kinds of tradeoffs. […]

Types of Microeconomics On the basis of analysis, the equilibrium between two variables in microeconomics is divided into three parts as micro statics, comparative and […]

 The Function of Microeconomics Theory The function of microeconomic theory studies the economic behaviour of consumers, resource owners, and business firms, who individually can play […]

Introduction to Microeconomics The term micro is derived from the Greek word ‘mikros’, which means ‘small’. Microeconomics thus deals with the study of small components […]