A Resource Hub For Young Agriculturists
Law of Equi-marginal Utility Assumptions: 1. Income constant 2. Tastes are also given 3. Intention to maximize his or her satisfaction 4. Price conscious 5. Rational consumer Suppose …
Law of Diminishing Marginal Utility The law refers to the common experience of every consumer. Suppose a person starts eating mango one after another. The first mango gives him great …
Marshallian Utility Analysis Total Utility: Total utility of a commodity is the sum utilities, which a consumer attains from the consumption of that commodity at a given period of time. …
Farmer making decisions: Farmers have many alternative uses of their resources. A farmer cannot employ his resources in all possible uses at the same time. For example, a person can …
Difference between agriculture and industry Agriculture Industry 1. Agricultural production is affected by the climate factors. Y= f (x1, x2 , ………….….. xn) + ui ui= Exogenous variables, like: over …
Agricultural Economics Agricultural economics is an applied phase of social science in which attention is given to all aspects of problems related to agriculture. Economist Hibbard says: Agricultural economics is …
Micro Economics: Microeconomics deals with the behavior of elements in the economy, such as determining the price of a single product or the behavior of a single consumer or business …
Is Economics a Science? There are different opinions of economists in this question. Economist Wootton says, “Whenever six economists are gathered, there are seven points.” Someone …
Definitions of Economics with Criticisms Definitions of Economics There is no unique definition of economics, which is recognized by all economists. The civilization has been changed and side-by-side the …
Special 8 Importance of the study of economics Importance of the study of economics Or, Why do we study economics? The knowledge of economics is essential for …