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The finance commission is constituted to define financial relations between the centre and states. It is established by the president of India under the…
The economic environment may take a variety of forms. The principal form relevant to our discussion is some sort of…
Why principles in microeconomics? Principles take you further than pure economic theory; principles show you the reasons underlying good practice…
A monopoly is a firm with market power, i.e. it observes impact of own quantity change on the market price.…
Company at the perfectly competitive market Here we start with the analysis of a firm’s behavior at the perfectly competitive…
In this chapter we analyze producer’s behavior. This is important to understand (i) demand for input factors (like capital or…
In this chapter we will analyze consumer choices. This is important to understand both (i) the demand for goods and…
A traditional definition of economics, advocated by Lionel Robbins, says that Economics is the science which studies human behavior as…
These materials, authored by Maurice Starkey, are available under a Creative Commons Attribution-ShareAlike licence. First published online by The Economics…
Macroeconomics is the study of the behavior of the economy as a whole. This is different from microeconomics, which concentrates…
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