Utility
Utility refers to the benefit derived from the consumption of commodities. It is the subjective approach because it is different on
Concepts of Utility
Total Utility (T.U): Total utility is the summation of utility derived from the consumptions of different unities of same commodity. In other word, it refers
Malthusian theory of population
According to Malthus, population increases at geometric rte whereas means of life increase at arithmetic rate. The geometric
Balance of trade
Balance of trade It is defined as net export i.e. relative export to import. It is systematic records of
Income elasticity of demand greater than one
If the percentage change in quantity demand is greater than the percentage change in income