Very short questions of Elasticity Define elasticity of demand. Ans) The elasticity of demand is the measure of responsiveness of demand for a commodity to the change in any of its determinants like price of the same commodity,price of the related commodity,income of the consumer,etc. What are the types of elasticity of demand? Ans)There are […]
 Sensation,Sensory thresholds Sensation: Sensation is the process that allows our brains to take in information via our five senses, which can then be experienced and interpreted by the brain.Sensation involves the relay of information from sensory receptors to the brain and enables a person to experience the world around them.Sensation is input about the physical […]
Nicolas Gregory Mankiw’s Ten Principles of Economics:   Nicolas Gregory Mankiw is an macroeconomist and Professor of economics at Harvard University.Mankiw proposed 10 principles of economics which is unified by several central ideas.These 10 principles of economics offer an overview about what economics is all about. How people make decisions 1.People face trade off: To get […]

Difference Between Microeconomics and Macroeconomics  The difference between microeconomics and macroeconomics are as follows: Basis                                            

Permutation and combination   Fundamental Principles of Counting : Multiplication Theorem If an operation can be performed in m different ways and following which a second operation can be performed in n different ways, then the two operations in succession can be performed in m × n different ways.   Fundamental Principles of Counting : […]
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