Indifference Curve Analysis
The indifference curve analysis is a graph showing the different combinations of two goods that report the same satisfaction to a person, and are preferred to other combinations.
Difference between Microeconomics and Macroeconomics
Microeconomics and Macroeconomics both are the branches of economics, studying the behavior, actions and decisions of individual economic agents. Such as individuals, families or companies, and their relationships and interaction in the markets. In this sense, it differs from macroeconomics, which focuses on large – scale economic systems, such as a country or region.
Budget Line Formula | Budgetary Restriction
The budget line formula shows all possible combinations of goods that consumers can purchase if exhausted their entire budget on such property.
What is Law of Demand | Factors and Shifts in Demand Curve
Law of demand is the economic law that determines the quantity demanded of goods in dependence of its prices and other influential factors.
Law of Diminishing Marginal Utility
The law of diminishing marginal utility is one that occurs as a result of the declining value of an asset in comparison with other assets. It incorporates a new unit of that good and is known by the name of marginal utility.
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