class 11 economics notes

Consumer’s Surplus

Arsène Jules Étienne Juvenel Dupuit introduced the concept of consumer’s surplus in 1844. It was further developed by Alfred Marshall in his famous book “Principles of Economics” in 1890. Prof. Boulding named it ‘Buyer’s Surplus”. In general, consumer surplus is realized in highly useful but relatively cheap commodities. Consumer surplus is defined as the difference …

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Use and Importance of Mathematics in Economics

Quantitative Techniques (QT) refer to the techniques of using mathematics and statistics jointly. QT in economics refers to the use of mathematics and statistics in economic analysis/the use of mathematics and statistics in economic analysis is called quantitative technique in economics. The main purpose of employing quantitative techniques/analysis in economics is to provide diligence in …

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Economic Growth, Development and Capital Formation

Development economics or economics of development and planning is a relatively new concept and has gained popularity in a short time. This has thus become a separate branch of economics. The concept of economic development is related to developing countries as such countries are suffering different types of social problems like poverty, inequality, unemployment, inadequate …

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