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Total utility (TU) and Marginal Utility (MU): Total Utility (TU) Definition and Explanation “Total utility is the total is the total satisfaction obtained from all units of a particular commodity consumed …

Assumptions or Cardinal Utility Analysis: The main assumption or premises on which the cardinal utility analyses are made as under: (i) Rationality. The consumer is retinal. He seeks to maximize …

Cardinal Utility Analysis/ Approach Definition and Explanation: Human wants are unlimited and they are of different intensity. The means at the disposal of a man are not only search but …

Concept of utility Jevon (1835-1882) was the first economist who introduces the concept of utility in economics. According to him: “Utility is the basis on which the demand of an …

The main determinants/factors which determine the degree of price elasticity of supply are as under: (i) Time period:  Time is the most significant factor which affects the elasticity of supply. If …

If the amount offered for sale is less affected by change, then the supply is said to be inelastic. Categories/Types of the Price elasticity of Supply: Definition and Explanation: There …

Price elasticity of supply measures the degree of responsiveness of supply of a product due to a change in the price of that product. “Price elasticity of supply measures how …

The price elasticity of demand is not the same for all commodities. It may be equal or low depending upon a number of demand, in brief, are as under:   …

The concept of price elasticity of demand can be used to divide the good into three groups: Elastic: when the percent change in quantity of a good than the percent …

The three main types of elasticity of demand are discussed in brief. 1.Price elasticity of demand: Definition and explanation: The concept of price elasticity of demand is commonly used in …