Explore the Hicks substitution effect in microeconomics, from intuitive explanations of utility theory and graph diagrams to real-world examples, exam strategies, and comparisons with the Slutsky method.

This article delves into the key concepts of inverse and direct demand functions, explaining how they show the relationship between price and quantity demanded. It also covers demand curve interpretation and practical applications in market analysis.

Explore the third fundamental principle of microeconomics that explains how rational individuals make decisions by comparing marginal benefits and costs. Understand its impact on consumer choices, business strategies, and market behavior.

Learn how price discrimination works under monopoly, how monopolists set different prices in segmented markets, the role of elasticity, and the impact on profits and consumer surplus. Detailed explanation with examples and graphical illustrations.

Learn the fundamental types of demand and supply curves and their elasticity characteristics. This microeconomics guide explains what influences shifts in curves and how market interactions lead to equilibrium prices and quantities.

SECTION—A (Compulsory Section) 1. Answer all the following parts in about 100 words each:5×6 = 30 (a) How is an optimum tax rate defined?...

SECTION-A 1(a) Land system during the British rule was responsible for sustained poverty and stagnant growth in India. Comment ANS: The...