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So I was studying Economics for my test and all I could think about was examples from Qubool Hai... 😉 😆
1) What is Demand?
Answer: Demand is an effective desire. Demand= Money+ Effort.
(Example: After Asad marries Zoya he will have to fulfill are her desires effectively. Where he will have to spend money on her and effort to make her happy. )
2) What will happen to the demand for good A when there is a decrease in it's price?
Answer: There will be an increase in demand and therefore, a rightward shift of the demand curve on the Price and Quantity axis.
(Example: Price of pizza decreases, Zoya starts buying greater number of pizza's. 🥳)
3) When is the consumer's equilibrium reached?
Answer: The Consumer's Equilibrium is reached when the price of the commodity coincides with the marginal utility gained by a particular amount of that commodity.
(Example: Humeira slaps Razia numerous times. The number of slaps it takes Badi bi to sigh in satisfaction because she received as much as she gave, is the consumer's equilibrium. 🤢 😆)
4) Analyze the Indifference Curve.
Answer: An indifference curve may be defined as the locus of points showing various combinations of X and Y commodities among which a consumer would be indifferent.
(Example: The locus of points where there are combinations of degrees of poisoning and pushing Tanveer off the cliff are drawn. All along the curve, the viewers remain indifferent because they get the same level of satisfaction. 🤪)
5) Define Price Elasticity of Demand.
Answer: It is a measure of responsiveness or sensitivity of demand with respect to price.
(Example: Asad's mood-swings are relatively elastic in nature as his mood swings are not needed and occupy a great share of Zoya and Asad's time together 🥺. While Asad's sweet side is relatively inelastic as it is a necessary commodity and important for both the viewers and Zoya. )
So kids... Shall we ace that Economics test or what?!
1) What is Demand?
Answer: Demand is an effective desire. Demand= Money+ Effort.
(Example: After Asad marries Zoya he will have to fulfill are her desires effectively. Where he will have to spend money on her and effort to make her happy. )
2) What will happen to the demand for good A when there is a decrease in it's price?
Answer: There will be an increase in demand and therefore, a rightward shift of the demand curve on the Price and Quantity axis.
(Example: Price of pizza decreases, Zoya starts buying greater number of pizza's. 🥳)
3) When is the consumer's equilibrium reached?
Answer: The Consumer's Equilibrium is reached when the price of the commodity coincides with the marginal utility gained by a particular amount of that commodity.
(Example: Humeira slaps Razia numerous times. The number of slaps it takes Badi bi to sigh in satisfaction because she received as much as she gave, is the consumer's equilibrium. 🤢 😆)
4) Analyze the Indifference Curve.
Answer: An indifference curve may be defined as the locus of points showing various combinations of X and Y commodities among which a consumer would be indifferent.
(Example: The locus of points where there are combinations of degrees of poisoning and pushing Tanveer off the cliff are drawn. All along the curve, the viewers remain indifferent because they get the same level of satisfaction. 🤪)
5) Define Price Elasticity of Demand.
Answer: It is a measure of responsiveness or sensitivity of demand with respect to price.
(Example: Asad's mood-swings are relatively elastic in nature as his mood swings are not needed and occupy a great share of Zoya and Asad's time together 🥺. While Asad's sweet side is relatively inelastic as it is a necessary commodity and important for both the viewers and Zoya. )
So kids... Shall we ace that Economics test or what?!
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