What is BOP?

Q: what stage of the business cycle immediately follows the trough ?

A: After trough,recovery is immediately followed.

Q: Shoeless" Joe Jackson was offered $ 5,000 by the infamous gambler Arnold Rothstein to "throw" the…

A: It is given that CPI of 1919= 17.3 CPI of 2021 =262.2

Q: The table below details Student A's monthly purchases during 2019 and 2020. Answer the following…

A: Change in the index from 2019 to 2020 is = [(index 2020 - index 2019)/ index 2019]*100% Value of…

Demand and Supply

The concept of demand and supply is important for various factors. One of them is studying and evaluating the condition of an economy within a certain period. The analysis or evaluation of the demand-side factors is important for the suppliers to understand the consumer or individual behaviour. The evaluation of supply-side factors is important for the consumer or individuals to understand that what kind of combination of an economic good or what kind of economic good and services he or she should consume to maximise his utility and minimise the cost. Therefore, in microeconomics, both of these concepts are extremely important to have an idea that what exactly is going on in the economy.