IDEA TUTORS

Theory of Estimation •Statistical estimation is the procedure of using a sample statistic to estimate a population parameter. • A S...

Axioms of Rational Choice •Completeness –if A and B are any two situations, an individual can always specify exactly one of these po...

Definitions Permutation In permutation, the order of th objects or outcomes is important. Each different order represents a differen...

Hypothesis testing is based on hypothesis; •“Hypothesis” is an assumption about an unknown population parameter; •Hypothesis testing ...

An indifference curve shows a set of consumption bundles among which the individual is indifferent Marginal Rate of Substitu...

Atomic Number It is defined as the number of unit positive charges on the nucleus (nuclear charge) of the atom of that element. It ...

The word economy comes from a Greek word for “one who manages a household. A household and an economy face many decisions: 􀂃Who will wo...

In these notes we will see how a monopolist decides how much quantity to produce. Monopoly firm is a firm which is a sole seller of the com...

These notes will give you an introduction to different types of utility fuctions . These notes will be helpful to any student doing graduat...

Economics trains you to. . . . 􀂃Think in terms of alternatives. 􀂃Evaluate the cost of individual and social choices. 􀂃Examine and und...