Introduction: The Law of Demand is a fundamental principle in economics that describes the relationship between the price of a good or service and the quantity demanded by consumers, assuming that other factors remain constant.
Introduction: The concept of Consumer’s Surplus was first invented by a French economist Dupuit in 1844. Later it was popularized by Prof. Alfred Marshall in 1980. Because of this consumer’s surplus is also called as
Introduction: The law of EMU is another law of consumption and an extension of law of diminishing marginal utility. The law is called as Gossens second law consumption. The original explanation of the law has
Introduction: The concept of utility was introduced in economics by Prof. William Stanley Jevons, an English economist. In economics, utility refers to the satisfaction or pleasure that a consumer derives from consuming a good or
