Money makes a Man Perfect
Hi there , Money plays important role in everybody’s life . everything rotates around it right from birth to death. The statement “money makes a man perfect” is an interesting topic to discuss as it is saying that wealth can lead to perfection or the improvement of an individual. To explore this, we can break […]
Unlocking Prosperity: The Key Indicators That Drive Development Economics
Development economics is a branch of economics that focuses on improving the economic conditions of low-income and middle-income countries. It addresses both the economic aspects (such as poverty, inequality, and unemployment) and broader social issues (like education, healthcare, and environmental sustainability) that influence economic growth and development. Key Topics in Development Economics: 1. Economic Growth […]
HOW TO GET OUT OF FINANCIAL CRUNCH
1. Assess Your Financial Situation • List your income and expenses: Start by making a clear list of all your income sources and monthly expenses. • Track your spending: Understand where your money is going, and identify areas where you can cut back. 2. Cut Unnecessary Expenses • Prioritize needs over wants: Focus on essentials […]
HOW ECONOMICS AFFECTS TO OUR LIFE
Life is based on Scarcity principle always and Economics affects our lives in numerous ways, both directly and indirectly. Here are some key areas where economics plays a role: 1. Personal Finances • Income and Employment: Economics helps shape the job market, influencing the availability of jobs, wages, and employment opportunities. Economic policies and conditions […]
MACRO ECONOMICS : KEY INDICATORS & POLICIES
Hi there , Let’s Discuss Macro Economics , its various branches and The Tools/Methods adopted by various countries for managing economic stability Well dear , Macroeconomics is the study of aggregates , it’s the branch of economics that studies the behavior and performance of an economy especially deals with economic activities including economic issues and […]
LAW OF DIMINISHING MARGINAL UTILITY
The law od diminishing marginal utility is given by Alfred Marshall . This topic relates the utility in to majorly three forms : Initial utility which is the satisfaction consumer derives with the consumption of any commodity at a given point of time . Secondly Marginal utility which is diminshing , zoro and sometimes negative […]
LAW OF DEMAND ; INCREASE & DECREASE IN DEMAND
Law of Demand: Increase & Decrease in Demand The Law of Demand states that, all else being equal, the quantity demanded of a good or service decreases as its price increases and vice versa. This inverse relationship between price and quantity demanded is a fundamental principle in economics. However, demand can change due to factors […]
Working strategy of unemployed white collared
Hi there , the unmployment rate increases due to excessive monopoly effect of few companies in india . The drastic ratio of unemployed youth is due to their unskilled bookish knowledge with no practical skill to be learnt with. Hyper rate is leading to depression in them . Let’s try to increase emplyment opportunities to […]
Extension & Contraction in Demand ( In Hindi/Punjabi)
मांग में विस्तार और संकुचन से तात्पर्य उन परिवर्तनों से है जो किसी वस्तु या सेवा की मांग में कीमत में बदलाव के कारण होते हैं। इसे हिंदी में निम्न प्रकार से समझा जा सकता है: 1. मांग में विस्तार (Extension in Demand): परिभाषा: मांग में विस्तार तब होता है जब किसी वस्तु या सेवा […]
Macro Economics : Emergence and Key Concepts
Hi there , today we will workout with important branch of Economics which has impacted the Economies worldwide. Well the Topic is Macroeconomics . Macroeconomics is a branch of economics that studies the overall functioning and performance of an economy. It focuses on aggregate indicators such as GDP (Gross Domestic Product), unemployment rates, national income, […]
LAW OF DEMAND
The Law of Demand is a fundamental principle in economics stating that, all else being equal, the quantity demanded of a good or service decreases as its price increases, and vice versa. This inverse relationship between price and demand reflects consumer behavior: higher prices discourage purchases, while lower prices attract buyers. The demand curve, typically […]
INTRODUCTION TO MICRO ECONOMICS
Hi all kindly check the vlog post for introduction to micro economics Microeconomics in Detail Microeconomics is a branch of economics that studies the behavior of individual economic agents, such as households, firms, and governments, and how their decisions affect the allocation of resources and the distribution of goods and services. It focuses on the […]
Key Factors affecting Demand
Hi there , in this lecture we shall deal with factors affecting demand The demand curve represents the relationship between the quantity of a good or service that consumers are willing to purchase and the price of that good or service. Various factors can shift the demand curve to the right (increase in demand) or […]
Law of Demand
Hi Guys, Welcome to Economics tutorial , Today we shall deal with Meaning and law of demand .In Economics, demand refers to the quantity of a good or service that consumers are willing and able to purchase at various prices over a given period of time. Demand is not just about the desire to purchase […]
Dispersion : Quartile Deviation in Continuous Series
Quartile deviation is also known as the semi-interquartile range, is a measure of statistical dispersion. It indicates the spread of the middle 50% of a dataset. The quartile deviation is calculated using the first quartile (Q1) and the third quartile (Q3). The formula is: Quartile Deviation=𝑄3−𝑄1/2 Coefficient of Quartile Deviation = 𝑄3−𝑄1/𝑄3+𝑄1 Here’s a […]
Dispersion : Quartile Deviation in Discrete Series
Quartile deviation is also known as the semi-interquartile range, is a measure of statistical dispersion. It indicates the spread of the middle 50% of a dataset. The quartile deviation is calculated using the first quartile (Q1) and the third quartile (Q3). The formula is: Quartile Deviation=𝑄3−𝑄1/2 Coefficient of Quartile Deviation = 𝑄3−𝑄1/𝑄3+𝑄1 Here’s a […]
Quartile Deviation in Dispersion Individual Series
Quartile deviation is also known as the semi-interquartile range, is a measure of statistical dispersion. It indicates the spread of the middle 50% of a dataset. The quartile deviation is calculated using the first quartile (Q1) and the third quartile (Q3). The formula is: Quartile Deviation=𝑄3−𝑄1/2 Coefficient of Quartile Deviation = 𝑄3−𝑄1/𝑄3+𝑄1 Here’s a step-by-step […]
Statistical Analysis Practical Solutions for Various Topics
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Dispersion : Range
Dispersion in statistics refers to the extent to which a distribution is stretched or squeezed. Common measures of dispersion include range, variance, and standard deviation. Here’s a brief overview of the range as a measure of dispersion: Range Definition: The range is the simplest measure of dispersion. It is defined as the difference between the […]
Various Types of Markets in Micro Economics
Hi there , Let’s Start with the Topic Markets in Micro Economics . well there are different kinds of markets are available in micro economics they can be described by their features like In Microeconomics, a Market is a mechanism through which buyers and sellers interact to determine prices and exchange goods and services. Markets […]
Matrix Inverse Method
Hi Greetings of the day , Today we shall discuss the topic Inverse of a matrix in practical solutions. The inverse of a matrix is like a “reverse” for that matrix. When you multiply a matrix by its inverse, you get the identity matrix, which is like the number 1 for matrices. The identity matrix […]
Transpose of a Matrix
Determinants (Matrix)
The determinant of a matrix is a scalar value that encapsulates several key properties of the matrix and the linear transformation it represents. It is a Scalar Quantity attached to a square matrix. Means with every square matric A there is associated a scalar quantity which is called the determinant of A . it is […]
Multiplication of Matrices
Matrix multiplication is a binary operation that produces a new matrix from two matrices. Unlike addition and subtraction, the dimensions of the matrices involved in multiplication determine the possibility and the result of the operation. Matrix Multiplication involves two major conditions practically for finding AB where A assumes first matrix and B as Second matrix. […]
Addition & Subtraction of Matrices
A matrix is a rectangular array of numbers, symbols, or expressions, arranged in rows and columns. The numbers in a matrix are called its elements or entries. A matrix with mmm rows and nnn columns is called an m×nm \times nm×n matrix, read as “m by n matrix”. Addition of Matrices : Matrix addition is […]
How to Solve Crammer’s Rule of Matrix
Cramer’s rule is a mathematical theorem used to solve a system of linear equations with as many equations as unknowns, provided that the system has a unique solution. It is applicable to systems of linear equations represented in matrix form. The rule is named after Gabriel Cramer, an 18th-century Swiss mathematician. Kindly check the link […]
Matrices : Meaning & Types
Matrices are a fundamental concept in mathematics, particularly in linear algebra. Here’s a detailed explanation of their meaning and types: Definition A matrix is a rectangular array of numbers, symbols, or expressions, arranged in rows and columns. The numbers in a matrix are called its elements or entries. Hence Matrix is an arrangement of rows […]
Linear Programming Method (LPP)
Linear Programming (LP) is a mathematical method used to optimize a system with linear relationships subject to certain constraints. It’s widely applied in various fields such as economics, engineering, business management, and logistics, to name a few. Here’s a basic overview of the Linear Programming method: Objective Function: This is the function you want to […]
Probable Error & Standard Error in Coefficient of Correlation
In statistics, the “standard error of the correlation coefficient” measures the accuracy of the estimated correlation coefficient. It indicates how much the observed correlation coefficient may vary if the study were repeated multiple times.Whereas The probable error (PE) of the correlation coefficient is another measure of the accuracy of the estimated correlation. It provides Kindly […]
Factor Reversibility Test : Test of Adequacy in Index Numbers
The “Factor Reversibility Test” and the “Index Number Test of Adequacy” are both methods used in econometrics and statistics to assess the validity and reliability of certain statistical models, particularly those related to index numbers and factor analysis. Factor Reversibility Test: it can be solved by practical ways . kindly Check the link In factor […]
Time Reversibility Test (TRT) Index Numbers
“Test of Adequacy TRT in Index Number” likely refers to a statistical evaluation specifically aimed at assessing the adequacy of a Time Reversibility Test (TRT) in the context of index numbers. This can be solved in practical easy way for this kindly check the link for practical solution: In this context, the Time Reversibility Test […]
Spearman’s Rank Correlation
Spearman’s rank correlation is a statistical measure used to assess the strength and direction of association between two ranked variables. Unlike Pearson correlation, which measures the linear relationship between variables, Spearman correlation evaluates the monotonic relationship. Monotonic means that as one variable increases, the other variable either consistently increases or decreases, but not necessarily at […]
Binomial Expansion Method of Interpolation (Two Values Missing )
The binomial method of interpolation, also known as binomial interpolation, is used to estimate missing values within a sequence of values. This method utilizes the concept of finite differences and binomial coefficients. To demonstrate the process, let’s go through the steps required to interpolate Two missing values using the binomial method. Steps for Binomial Interpolation […]
MEDIAN in Measures of Central Tendency
MEDIAN IN MEASURES OF CENTRAL TENDENCY The median is a statistical measure that identifies the middle value in a data set when the numbers are arranged in numerical order. It effectively divides the data set into two equal halves, with half of the values lying below the median and half above it. Odd Number of […]
How to Find Mode in Measures of Central Tendency
MODE IN MEASURES OF CENTRAL TENDENCY In measures of central tendency, “mode” refers to the value that appears most frequently in a dataset. Unlike mean and median, which focus on the average and middle value respectively, mode highlights the most common occurrence. It’s particularly useful in categorical data or when dealing with data where certain […]
Arithmetic Mean in Measures of Central Tendency
Measures of central tendency are statistical measures that provide a single value to summarize the centre or midpoint of a dataset. The three main measures of central tendency are: Arithmetic Mean The mean is the most commonly used measure of central tendency. It is calculated by adding up all the values in a dataset and […]
Fisher’s Weighted Index Number and Other Methods to Solve Index No.
A weighted index number is a statistical measure used to track changes in a variable or a group of variables over time, taking into account their relative importance (weights). In economics and finance, weighted index numbers are often used to measure price levels, quantities, or other economic indicators. The weights usually reflect the significance or […]
INDEX NUMBER : A Brief Introduction
An index number is a statistical measure designed to show changes in a variable or a group of related variables over time. It is often used to track economic data, such as prices, quantities, or values, and can be helpful in understanding trends, inflation, cost of living, and other economic indicators. Here are some key […]
Binomial Expansion Method of Basic Statistical Analysis
The binomial method of interpolation, also known as binomial interpolation, is used to estimate missing values within a sequence of values. This method utilizes the concept of finite differences and binomial coefficients. To demonstrate the process, let’s go through the steps required to interpolate one missing value using the binomial method. Steps for Binomial Interpolation […]
Correlation : Karl Pearson’s Coefficient of Correlation by Actual Mean
Karl Pearson’s Coefficient of Correlation, often simply referred to as Pearson’s correlation coefficient, is a measure of the linear relationship between two variables. It ranges from -1 to 1, where: 1 indicates a perfect positive linear relationship, -1 indicates a perfect negative linear relationship, 0 indicates no linear relationship. Using the actual mean method, we […]
CORRELATION : Pearson’s Coefficient of Correlation by Assumed Mean Method
Karl Pearson’s Coefficient of Correlation, often simply referred to as Pearson’s correlation coefficient, is a measure of the linear relationship between two variables. It ranges from -1 to 1, where: 1 indicates a perfect positive linear relationship, -1 indicates a perfect negative linear relationship, 0 indicates no linear relationship. Using the assumed mean method, we […]
MEAN IN CONTINUOUS SERIES
In statistics, the mean of a continuous series is the average value of the data points in a continuous frequency distribution. Unlike a discrete series, where data points are distinct and can be counted, a continuous series involves data that falls within intervals (e.g., ranges of values), and the exact data points are not known. […]
How Demand is Explained in Micro Economics
THE CONCEPT OF DEMAND IN MICRO ECONOMICS The concept of demand in microeconomics has evolved over time, with contributions from various economists. However, it is largely attributed to the foundational work of early economic thinkers during the classical and neoclassical periods. Key Contributors to the Concept of Demand: Adam Smith (1723-1790): Often considered the father […]
ECONOMICS is a Combination of MICRO & MACRO ECONOMICS
Well hi there Let’s Discuss Economics Economics is a vast and complex field that studies how societies allocate scarce resources to satisfy unlimited wants and needs. its allocation mainly drag the attention in to two main branches: microeconomics and macroeconomics. Micro means small or the study of human behaviour in to tiny forms like Microeconomics […]
The Scope of Macro Economics
THE SCOPE OF MACRO ECONOMICS Macroeconomics is the branch of economics that deals with the behavior, structure, and performance of an economy as a whole. Its scope is broad and encompasses various aspects of national and global economies. Here are some key components within the scope of macroeconomics: National Income Accounting: Macroeconomics examines the methods used to measure a nation’s total […]