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One Liners Part 1(in Hindi )
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One liners of Economics general

## Alisha Mahajan is teaching live on Unacademy Plus

Alisha Mahajan

U
Thankyou so so much Mam :-)
ma'am is this for commerce UGC net ???
Alisha Mahajan
a year ago
yeahh and for economics students as well
Alisha Mahajan
a year ago
and for all the exams where economics is required
Heena
a year ago
ok ma'am thankyou ...I started following you to get concepts clear...my subject as mention above is commerce...
Heena
a year ago
ma'am when you are teaching any concept after that take mcq test ..so it will help us as how much we have understood
Heena
a year ago
ma'am when you are teaching any concept after that take mcq test ..so it will help us as how much we have understood
Thank you so much Ji.. nice learning
1. ECONOMICS Cournot duopoly model-1838 Bernard duopoly model- 1880 - Edge worth duopoly model- 1897 Stackeel duopoly model- 1933 Chamberlin duopoly model- 1934 - Sweezy duopoly model- 1939

2. - Neumann Morgenstern game theory model- 1944 Baumaul duopoly model- 1959 Father of economics- Adam smith Originator of law of demand- Alfred Marshall - Revealed preference theory- Paul Samuelsson Cardinal utility/ neo classical approach- Alfred Marshall

3. Ordinal utility/ indifference curve- F Y edge worth, vilfredo Pareto, EE Slustky, J R Hicks and RGD Allen Indifference curve analysis is also known as iso utility curve or equal utility curve and for producer it is iso quant curve. - Budget line is also called price line, consumption possibility line and iso cost line. Consumer equilibrium is said when there is a tangency between the budget line and the indifference curve Price discrimination-A C pigou

4. - Free entry & exit/ factor mobility concept- Adam smith Exception of law of demand- Beham - Perfect competition is known as Myth Imperfect competition- John Robinsorn Kinked demand curve- Paul sweezy in 1939 Consumer & producer surplus- Alfred Marshall - Material requisites well-being- A C pigou

5. - Positive impact of monopoly- joseph Schumpeter Wealth of nations- Adam smith Composite demand- the demand of commodities or goods that provides multiple uses. - Demand- willingness to purchase+ ability to pay - Substitute goods like tea and coffee Complementary goods is also known as jointly demand goods. Such as car petrol.

6. Characteristics of demand curve- 1) downward sloping 2) From left to right. 3) Negative slope - There is an inverse relationships between the price of goods and the quantity demand of the goods in law of demand A family of indifference curve is called an indifference map Slope of indifference curve is known as Marginal rate of substitution

7. Transactions cost is given by Ronald coase - In Normal goods price effect- income effect + substitution effect In inferior goods substitution effect- price effect + In giffen goods income effect- price effect + Law of demand is violated in giffen goods. income effect substitution effect Opportunity cost is also known as next best foregone cost, sacrifice cost, transfer earnings and alternative cost.

8. -Explicit cost is also known as out of pocket cost, accounting cost and direct cost Implicit cost is also known as imputed cost - Cost of production- explicit cost+ implicit cost. - Fixed cost is also known as supplementary cost, overhead costs, unavoidable cost or indirect cost. - Variable cost is also known as direct cost and prime cost.

9. -Fixed cost cannot be zero even when production is stopped. Accounting costs are explicit cost - Economic costs are both explicit cost and implicit cost. - AFC (average fixed cost) is also known as rectangular hyperbola Effective demand backed by purchasing power and willingness to spend.