WEEKLY TIPS
Independence of Central Bank with Basic Understanding
Independence of Central Bank with Basic Understanding Independence of Central Bank Central Bank is a national bank that provides financial and bankin…
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ECONOMOICS
Major Problems Faced by Agriculture Sector in Pakistan
Major Problems Faced by Agriculture Sector in Pakistan Agricultural sector is the backbone of our economy. But the growth of agriculture in Pakista…
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ECONOMOICS
Importance of Agricultural sector in Pakistan
1. Contribution towards GDP In Pakistan economy agriculture sector plays a very important role by making a greater share to the GDP of the country. A…
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MICROECONOMICS
Relationship Among Marginal, Average Total and Average Variable Cost
To explain the relationship among marginal cost, average total cost and average variable cost curves. lets draw them on a diagram. From the diagram, …
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MICROECONOMICS
Relationship Between Average Total and Average Variable Cost Curves
The AVC is a part of the ATC, given ATC=AFC + AVC. Both the AVC and ATC are U-shaped, reflecting the law of variable proportion. From the diagram, …
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MICROECONOMICS
Short Run and Long Run Equilibrium under Monopoly
Short Run Equilibrium under Monopoly The monopolist is known for his/her always profit and for never lost. But in short run monopolist maximize its p…
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MICROECONOMICS
Optimal Combination of factors of Production OR Equilibrium of the Firm
The point which maximize the profit of the firm or seller. The goal of the to maximize the difference between total revenue and total cost. Assumptio…
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MICROECONOMICS
Definition of Isoquant, Types of Isoquant , full explanation
Isoquant: An isoquant is a curve which shows the different combinations of two inputs which required to produce a given level of output. The shape…
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MICROECONOMICS
Definition of Indifference Curve, Indifference Map and Properties of Indifference Curve
Definition of Indifference Curve "An indifference curve is the locus of point- particular combinations of goods which yields the same satis…
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FUNDAMENTAL OF ECONOMICS
Robbins's Definition of Economics | Merits and Demerits
The most accepted definition of economics was given by Lord Robbins in 1932 in his book "An Essay on the Nature and Significant of Economics Sc…
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MICROECONOMICS
Practical's Uses of Price Elasticity of Demand
The concept of elasticity is introduced by Dr. Alfred Marshall. It has got both practical and theoretical advantages. Some of the practical uses are …
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MICROECONOMICS
Determinants of Price Elasticity of Demand | Details Explanation
Determinants of Price Elasticity of Demand | Details Explanation The price elasticity of demand is not same for all the goods because it may be high …
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FUNDAMENTAL OF ECONOMICS
Production Possibility Frontier; with graphical explanation
Definition: "A production possibility frontier is a curve which shows various combinations of set of two goods which can be produced with the gi…
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FUNDAMENTAL OF ECONOMICS
Definition of cardinal approach and ordinal approach
Definition of Cardinal Approach/Utility The notion of cardinal approach was formulated Neo-Classical Economist Alfred Marshal and his followers who h…
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