Study of Extensive Dismal Science

MICRO-ECONOMICS:
In simple words we can define micro economics as, Employer interaction with each and everyone is known as Microeconomics.

COST:-
If we talk about cost the practical words, The cost of something that what you give up to get it.
(Opportunity cost)
Cost of next best alternative
           B-C= NET BENEFIT


PEOPLE RESPONDS TO INCENTIVES

Agents desires resources  <----> Agents provides resources

LAW OF DEMAND:
The relationship which is present in the form of text is called Law of Demand.

              source:My notebook

Demand curve

SD:Qx= f(P,Tr,Pt,R,Ap,EP,S)

Demand
-tastes
-numbers & price of substitute goods
-numbers & price of complementary goods
-income
-distribution of income
-expectations
-information asymetry

D:Qx= f(P,T,I,P3,Pc,EC,A,Pc)

Supply:- willingness and ability of the producers to offer the goods in the market for sales at various prices.

Demand:- Consumer's desire,ability and will to purchase goods at various prices.


PRICE ELASTICITY DEMAND - (PED)

  [Ped= P/Q*dQ/dP] - > mathematical formula for PED