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Paper 1: Principles of Economics and Bangladesh Economy Short Notes on Principles of Economics and Bangladesh Economy for Banking Diploma Examination - JAIBB     Q1.      Monopolistic competition: Definition, characteristics and graph of monopolistic competition. In economics a monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another i.e. by branding or quality and hence are not perfect substitutes. In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms. Monopolistic competition differs from perfect competition in that production does not take place at the lowest possible cost. Because of this, firms are left with excess production capacity. This market concept was developed by Chamberlin (USA) and Robinson ( Great Britain ). Figure: Monop...

Subject Wise Study Resources for Banking Diploma Examination - JAIBB Paper 1: Principles of Economics and Bangladesh Economy Short Notes on Principles of Economics and Bangladesh Economy for Banking Diploma Examination - JAIBB Q1.      Definition of Consumer surplus or Consumer’s surplus: Consumer surplus is the difference between the maximum price a consumer is willing to pay and the actual price they do pay. If a consumer would be willing to pay more than the current asking price, then they are getting more benefit from the purchased product than they initially paid. Consumers always like to feel like they are getting a good deal on the goods and services they buy and consumer surplus is simply an economic measure of this satisfaction. In economics, the satisfaction (utility) consumers receive for which they do not have to pay for. Or, in other words, amount of money by which consumers value a good or service over and above its purchase pri...

Subject Wise Study Resources for Banking Diploma Examination - JAIBB Paper 1: Principles of Economics and Bangladesh Economy Short Notes on Principles of Economics and Bangladesh Economy for Banking Diploma Examination - JAIBB Inferior goods; [May 2012] [Nov 2010] [May 2008] Fixed and variable cost; [May 2012] [Nov 2010] Returns to scale; [May 2012] [Nov 2010] [Dec 2009] Cross-price elasticity of demand; [May 2012] [Dec 2012] [May 2011] [May 2009] [Nov 2008]  [Nov 2005] [June 2014] Cash Reserve Requirement (CRR); [May 2012] Disguised unemployment; [May 2012] Floating exchange rate; [May 2012] [Nov 2011] [Nov 2006] Opportunity cost; [Nov 2011] [Dec 2012] [June 2014] Consumer’s surplus; [Nov 2011] [June 2013] [June 2014] Quasi-rent; [Nov 2011] Public good; [Nov 2011] [May 2008] [Nov 2007] Depreciation of currency; [Nov 2011] Index number; [June 2010] [May 2011] [May 2009] [May 2006] [May 2008] [May 2005] [June 2014] Economic rate of return; [June 20...

Bachelor (Honors) 1st year admission test of BRUR has been published. Bachelor (Hons) 1st year admission test of Begum Rokeya University Rangpur ( BRUR ) under the academic session 2014-15 will be held on December 4, 5 & 6, 2014. The decision of BRUR admission was taken at a meeting of the admission committee on August 30, 2014 presided over by the Vice-Chancellor of BRUR , Professor Dr. AKM Nurun Nabi. Interested applicants can apply for the admission test through SMS system using Teletalk mobile connection/ operator/ SIM from September 25 to November 10, 2014. The university is going to enroll students into 21 Departments under six faculties. Detailed information regarding the admission test 2014-15 will be available at the BRUR Website: (www.brur.ac.bd). About BRUR : The Begum Rokeya University which is also popularly known as BRUR as short is a government financed public university in Bangladesh . The BRUR is the second public university in greater Ra...

In economics, the iso-cost is the set of combinations of goods that have the same total cost; this can be represented by a curve on a graph. Figure: Iso-cost curve Iso-cost curve is the locus traced out by various combinations of L and K, each of which costs the producer the same amount of money (C ) Differentiating equation with respect to L, we have dK/dL = -w/r This gives the slope of the producer’s budget line (iso-cost curve). Iso cost line shows various combinations of labor and capital that the firm can buy for a given factor prices. The slope of iso cost line = PL/Pk. In this equation, PL is the price of labour and Pk is the price of capital. The slope of iso cost line indicates the ratio of the factor prices. A set of isocost lines can be drawn for different levels of factor prices, or different sums of money. The iso cost line will shift to the right when money spent on factors increases or firm could buy more as the factor prices are given.

In economics, an iso-product curve or isoquant is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs. Figure: I so-product curve ‘Iso’ means equal and ‘quant’ means quantity. Therefore, an isoquant represents a constant quantity of output. The isoquant curve is also known as an “Equal Product Curve” or “Production Indifference Curve” or Iso-Product Curve.” Iso-product curve: The combinations A, B, C and D show the possibility of producing 100 meters of cloth by applying various combinations of labor and capital. An iso-product curve is the graphic representation of an iso-product schedule. Thus, an isoquant is a curve showing all combinations of labor and capital that can be used to produce a given quantity of output. Properties of Isoquants or iso-product curve:   An isoquant lying above and to the right of another isoquant represents a higher level of output. Two...

Subject Wise Study Resources for Banking Diploma Examination - JAIBB Paper 1: Principles of Economics and Bangladesh Economy Module A: Concepts of Economics and Demand Supply Analysis Q1.      Law of demand and supply definition, examples and graph. The four basic laws of supply and demand are:   If demand increases (demand curve shifts to the right) and supply remains unchanged, a shortage occurs, leading to a higher equilibrium price. If demand decreases (demand curve shifts to the left) supply remains unchanged, a surplus occurs, leading to a lower equilibrium price. If demand remains unchanged and supply increases (supply curve shifts to the right), a surplus occurs, leading to a lower equilibrium price. If demand remains unchanged and supply decreases (supply curve shifts to the left), a shortage occurs, leading to a higher equilibrium price.   The Law of Demand: The law of demand states that, if all other fact...

Subject Wise Study Resources for Banking Diploma Examination - JAIBB Paper 1: Principles of Economics and Bangladesh Economy Module A: Concepts of Economics and Demand Supply Analysis Q1.      What is Economics? Definition of Economics: Economics is the social science that deals with the production, distribution and consumption of goods and services and with the theory and management of economies or economic systems. Alfred Marshall provides a still widely cited definition in his textbook Principles of Economics (1890): “Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man.” Q2.      Scarcity and Choice: Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resourc...