Study of Economics in Nepal

Concept & Types of Elasticity Demand Concept of ED Elasticity of demand refers to the degree of responsiveness in demand for a commodity to the change in any of its determinants. In other words %Δ in Qdx divided by the %Δ in its determinants. First introduced by classical economist A. A. Cournot & J. S. Mill and later on Neo-classical economist, Alfred Marshall developed it in the scientific way in his book "Principle of Economics" published in 1890 A.D.  Symbolically,  Ed  =  % Δ  in Qd / % Δ  in its determinants Price Elasticity of Demand (PED) Ep means how strongly do consumer react (by using less) if you raise your product price. So, Ep is the reaction of quantity on price. Symbolically, Price Elasticity of Demand Degrees/Types of PED 1] Perfectly Elastic Demand  Perfectly Elastic Price Elasticity of Demand 2] Perfectly Inelastic Demand Perfectly Inelastic Price Elasticity of Demand 3] Unitary Elastic Demand  Unitary Elastic Price Elastici

New Syllabus

Introduction to Data Collection Data collection is the component of research in all fields of study or process of gathering and measuring information on targeted quantitative and qualitative data or variables in an established system or instruments (existing, modified or newly developed). While methods vary by discipline, the emphasis on ensuring accurate and honest collection remains the same. Formal and accurate data collection process is essential to maintain the integrity of research (Quality assurance-action before data collection & Quality control-action during and after data collection) by reducing the likelihood of errors.

Introduction to Statistics Statistics  is the discipline (some consider branch of mathematics) that concerns the collection, organization, analysis, interpretation and presentation of data. Data: Set of information (any fact, figure, sign, symbol, number) describes a given entity Data Types: Qualitative data, Quantitative data Data Analysis Descriptive Statistics: Quantitatively describes or summarizes features of collected  information using table, graphs and calculated using central tendency, dispersion, index number.  Generalization of data is not possible, only provide worthy information regarding the nature of a specific group of individuals. Inferential Statistics: Learn about the  population  through appropriate sample of data   using probability, estimation, different statistical test. It facilitates the generalization of data.

  Goods & Services Goods:  Goods are usually tangible (touch or hold) that satisfy human wants, such as pens, salt, apples, and hats.  Services : Services are activities provided by other people, who include doctors, lawn care workers, dentists, house cleaning, teaching, barbers, waiters, or online servers, a book, a digital video-game or a digital movie.

PRODUCTION POSSIBILITY CURVE OR FRONTIER (PPC OR PPF) Production: Technological transformation of input (factor: Ld, Lb, K, Org. & non-factor: water, electricity, raw materials) into output (finished goods and services: cloth, food, electricity). An economic model and visual representation of the ideal production balance between two commodities given finite resources. A  PPF or  PPC is a curve which shows various possible/attainable combinations of   output (the amounts of two goods) which can be produced at the maximum level within the given (fixed) resources and technology. Where the given resources are fully and efficiently utilized at the given period of time.