Business Economics

In business, it’s important to understand how different factors can affect demand for your products and services. The elasticity of demand is one of the most important concepts in economics, and it measures how sensitive demand is to changes in price and other factors. In this blog post, we’ll discuss what elasticity of demand is […]

Proper demand forecasting helps any business provide valuable information regarding their potential in the present market or other markets. This allows the managers to get informed about the appropriate pricing strategy, market growth and potential, and business strategy. Without demand forecasting, a business has a risk of making poor decisions regarding target markets and products. These poor decisions

The elasticity of demand is an important concept in Economics. In practical terms, the commodities are rarely completely independent of one another. They stand in a definite cluster of Substitutes and Complements. The relationship between two commodities X and Y can be Substitutive, Complement, or neutral. Therefore, the sensitiveness of demand of a commodity over

Introduction: The business cycle is made up of growth and expansion at approximately the same time in so many commercial developments, accompanied by predictably broad sense depressions. This changing pattern is regular but not periodic. In principle, business cycles are distinguished by the variation of growth and recession phases in the industrial production index and

Business Cycle is a regularly occurring change in the economy of a country while the economy contracts and expands. It occurs in a continuous pattern and is therefore measured by the rising and falling GDP (Gross Domestic Product) of the respective nation. The business cycle is also known as the “trade cycle”. The business cycle’s

Introduction The long run denotes the time during which a company can change all of its production parameters. As a result, the long run only has variable inputs, and the idea of fixed inputs is absent. In the long run, the company can expand the plant’s size. Because fixed costs do not exist in the

Introduction The best way to understand cost is by understanding that it is the sacrifice that one makes to obtain multiple services and goods. Traditionally speaking, the cost is the relationship between the production value of input and its level of output. The concept of cost is quite important to know as it helps in