Dear Readers,

As we have already started the GATEWAY TO CGL MAINS, so from today we will provide you the notes of the most important topics in ECONOMICS. This will be important for the prelims exam.

**FORMS OF MARKET AND PRICE DETERMINATION**

**Market:**Market is a place in which buyers and sellers come into contact for the purchase and sale of goods and services.

**Market structure:**refers to number of firms operating in an industry, nature of competition between them and the nature of product.

**Types of market**

a)
Perfect competition. b) Monopoly.

c)
Monopolistic Competition d) Oligopoly.

a)

**Perfect competition:**refers to a market situation in which there are large number of buyers and sellers. Firms sell homogeneous products at a uniform price.
b)

**Monopoly market:**Monopoly is a market situation dominated by a single seller who has full control over the price.
c)

**Monopolistic competition:**It refers to a market situation in which there are many firms who sell closely related but differentiated products.
d)

**Oligopoly:**is a market structure in which there are few large sellers of a commodity and large number of buyers.

**Features of perfect competition:**

1. Very
large number of buyers and sellers.

2.
Homogeneous product.

3. Free
entry and exit of firms.

4.
Perfect knowledge.

5. Firm
is a price taker and industry is price maker.

6.
Perfectly elastic demand curve (AR=MR)

7.
Perfect mobility of factors of production.

8.
Absence of transportation cost.

9.
Absence of selling cost.

**Features of monopoly:**

1. Single
seller of a commodity.

2.
Absence of close substitute of the product.

3. Difficulty of entry of a new firm.

4.
Negatively sloped demand curve(AR>MR)

5. Full
control over price.

6. Price
discrimination exists

7.
Existence of abnormal profit.

**Features of monopolistic competition**

1. Large
number of buyers and sellers but less than perfect competition.

2.
Product differentiation.

3. Freedom
of entry and exit.

4.
Selling cost.

5. Lack
of perfect knowledge.

6. High
transportation cost.

7.
Partial control over price.

**Main features of Oligopoly.**

1. Few
dominant firms who are large in size

2. Mutual
interdependence.

3.
Barrier to entry.

4. Homogeneous
or differentiated product.

5. Price
rigidity.

**Features of pure competition**

1. Large
number of buyers and sellers.

2.
Homogeneous products.

3. Free entry and exit of firm.

**What are selling cost?**

Ans.:
Cost incurred by a firm for the promotion of sale is known as selling cost.
(Advertisement cost)

**What is product differentiation?**

Ans: It
means close substitutes offered by different producers to show their output
differs from other output available in the market. Differentiation can be in
colour, size packing, brand name etc to attract buyers.

**What do you mean by patent rights?**

Ans:-
Patent rights is an exclusive right or license granted to a company to produce
a particular output under a specific technology.

**What is price discrimination?**

Ans: - It refers to charging of different prices
from different consumers for different units of the same product.

thanks

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giffin goods - A Giffen good is typically an inferior product...

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ReplyDeleteU r doing great job but but but not 100%dedication...plz focus on main topics...economics means ... Microeconomics and macroeconomics...kha hai bahi ye.. kuch bhi karnae ka time nahi hai questions vahi sae puchae ja rahe hai har baar to itna gussa kyu hai unsae ..jo sidha market pae pauch gaye...plz aisa mat karo yar kuch fayada nahi hai only micro or macro padho 4 quest wahi sae aayegae...plz understand..dont take peesonaly..hahhaah

ReplyDeleteThank you.

Arre bahi @sscadda important topic - yo keynesian economics ka kuch kar 2quest aa he jayegae economics ki 2 post mae he kam ho ja ga...

ReplyDeleteDumping is price discrimination at.......

ReplyDeleteA. Local market

B. State level market

C. Nation market

D. International market

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ReplyDeletePERMUTATION/ COMBINATION and PROBALITY CONCEPT CLASS will Start At 11:30PM.

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And fees of the forms r almost 500...

Is it right to fill theur forms ??

CGL mei toh ni aate na yeh topic??

ReplyDeleteeasy wale kr lu to b on safe side

bhai let the class begin..

ReplyDeleteSo today's topic is Permutation Combination and Probability.

ReplyDeletePermutation and Combination are not that important for the purpose of exam Because Question are rarely asked from This Topic but We have to learn them

anyway because Question of probability can't be solved without learning permutation and combination. So will give you all a little hint about what is

permutation and what is combination and then we will move on to Probability.

But Before That Just Look at A very Important Concept Without Which You can't solve a single Question of permutation/combination or probability.

And that Factorial Notation.

It's represented by (!) and it is read as Factorial.

So if i write 5! it will be read as Five Factorial.

And what it means ? It means to simply multiply all the numbers in decreasing order till 1.

Like if i write 6! it means 6*5*4*3*2*1 = 720

Or 7! = 7*6*5*4*3*2*1 = 5040

For Fast Calculation You all must learn the value of factorial till 10.

Just Learn these values

1! = 1

2! = 2

3!= 6

4! = 24

5! = 120

6! = 720

7! = 5040

8! = 40320

9! = 362880

10! = 3628800

Well Before I Start Explainig Permutation and combination one thing i want to tell and that is It's the easiest topic that you will find in maths. Most people are unable to understand it and that's why people think it's complex and all type of misconceptions but trust me it's the easiest topic in the whole mathematics and It's not actually even maths, It's less about Calculation and more about Logical Thinking. Well We all can't Calculate Fast but we all can think fast.

Done.

ReplyDeleteinsomniac sir ki class start ho gyi kya?? :((((iam late

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They are not fair enough with their results

And d fees of the forms r almost 500...

Is it right to fill theur forms ??

Class?

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ReplyDeletepermu aur combo aaj toh gye tum dono

ReplyDeleteSo what is permutation? In Simple words it's arrangement or No. of ways things can be arranged.

ReplyDeleteSuppose there are 3 words ABC and if it's asked How many ways these three can be arranged then all yu or What are the no. of permutations Possible. Then all you have to do is Arrange this things in as many ways it's Possible.

Let's try to arrange them now. SO There is ABC, ACB, BAC, BCA, CAB, CBA Are there any more ways these can be arranged ? try it ? No These are the all possible arrangements. So The answer to the above Question will be 6. That is ABC can be arranges in different ways.

Now there were only 3 alphabets What if there were more like You have to Arrange ABCDEFGHI. Now for 3 alphabets it was easy you easily arranged them But Arranging these 9 letters will take you days and even then you will not be able to get a certain answer.

So what we should do here. No need to worry our mathematicians were genius they created a very simple formula for that.

And Formula is like this. N Different things can be arranged in N! ways.

So in above Question there were 9 alphabets so the no. of possibele arrangements will be 9! = 362880.

So that was out basic concept Now let's move on to another basic concept.

So in the above questions It was Asked in how many ways ABCDEFGHI Can be arranged. In this question they were asking the possible arrangements of all the 9 Alphabets, They can also Ask In how many ways 4 alphabets from above 9 alphabets can be arranged.

In such type of Questions there is another formula Which is very very very important because it will be used in almost every question.

So the formula is Out of n things r things can be arranged in nPr ways. and nPr = n!/(n-r)!

So in the above Question it is asked that in how many ways 4 alphabets from the total 9 alphabets can be arranged.

So apply the formula nPr = 9P4 = 9!/(9-4)! = 9*8*7*6*5*4*3*2*1/5*4*3*2*1 =9*8*7*6 = 3024.

Now there is a trick to easily calculate nPr by which you won't have to do any division work.

Like if it say 9P3 then you just have to multiply Starting from 9 in decreasing order till the next 2 digit i.e 9P3 = 9*8*7. Why we multiply till 7 only ? that is because the value of r is 3 and total multiplication should contain the value of r.

Another example if it 7P2 then you will just do 7*6[ 2 number because r = 2 ok]

if it's 7P4 then the answer will be 7*6*5*3[ 4 no. because value of r=4]

So If it's 10P5 then the value will be 10*9*8*7*6 [ 5 digit because value of r = 5]

just started

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ReplyDeleteActually there are infinite cases in Permutation and Combination 100's of different type of question can be formed So i will only discuss the cases that are important for the exam, And if you have any problem in any other case then you can ask me personally.

ReplyDeleteCase - 1 Simple Arrangement Case well all words are unique.

By UNIQUE i mean all alphabets are different

In how many ways the letters of the word ROCKET can be arrnged.

very Simple just count the no. of words in ROCKET that will be 6

So number of arrangements will be n! that will be 6! = 720

HI can you post some short cut methods for different types of qns on time speed distance including trians problems

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ReplyDeleteCASE - 2 Arrangement When All the words are not UNIQUE

ReplyDeleteThat means some words are repeated.

Like No. of possible arrangements of word TITANIC

Now In this case you Just have to find the total possible ways first without even thinking about Repeated words and then after that You will divide that with factorial of the numbers of times a Word is repeated.

So in the above Question Total alphabets = T = 2, I = 2. A= 1 C =1 N = 1Total 7 So Permutations will be 7! and Now you will divide It by No. of times an aphabet is repeated SO T is repeated 2 times and I is repeated two times So divde 7! by these 2. So final Answer will be 7!/(2!*2!)

Let's See another Example. In how many ways the letters of the word RUNNING Can be arranged.

So total no. of alphabets in the above Words = 7

No. of words that are repeated = N = 3 times repeated.

So the solution will be Total permutation divided by no. of times a word is repeated and that will be 7!/3! that will be your answer.

Case 3 - Arrangement Some Words are always together and Some Words and Never together

Sb hai bhai

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prev lessons too!

abhi nahi 12 k bd

ReplyDeleteThe main dilema arrive where to use permutation nd where combination

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I asked the MOD of BA to Post My Material But They Didn't Post It. Don't know maybe they didn't like it. Anyways tell me your email ID for Now i will mail you the material.

ReplyDeletewe will divide always whenever in the que there is a repition in a word?

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ReplyDeleteCase 3 - Arrangement Some Words are always together and Some Words and Never together

ReplyDeleteNo of possible arrangements of the words LAYERING When Vowels are always together.

In this case what we do Is we consider the no. of Vowels as 1 single alphabet That [AEI] is a one single alphabet In that way they will always be together and the rest words are LYRNG.

So the total no. of alphabets will be 6 ? Why 5 Alphabets are LYRNG and [AEI] is One alhpabet remember ? so The total alphabet will be 6

And no. of possible arrangements will be 6!

But but the question is not complete yet [AEI] Though considered as 1 alphabet but stil the words AEI can change places within itself Like AEI it also can be AIE or EIA. So there are 3 words so no. of total arrangements that they can do within itself will be 3!

So our final answer will be 6!*3![ that is because 6! is the no. of possible ways when AEI are together and And multiplied by 3! because AEI can change places within themselves in 3! possible Ways]

If it was asked that VOWELS in LAYERING are never together that what we will do ?

This Question can't be solved directly.

In order to solve this We will have to FIND the total no. of arrangements of the word LAYERING and then Subtract the no. of arrangemnts in which AEI are Always together.

So no. of possible arrangements of LAYERING will be 8!

And We already Solved that when AEI are always together the no. of possible ways are 6!*3!

So no. of possible ways when AEI are never together will be

= 8! - 6!*3!

hello hey choro

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:))

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thanx

ReplyDeletein 2nd situation'

ReplyDeletewe have to subtract from 8!?

why not from 1?

Thanq bhai... isme bahut confuse tha pahle _/\_

ReplyDeleteArre bhai samjho toh sahi pehle kya likha hai......jaa fir se much done aa

ReplyDeleteok srry i undrstood

ReplyDeletei was little bit confused:)

It's Not case of probability, It's Permutation.

ReplyDeleteYe 1 me se subtractn n saayad probability k at least case me hota hai naa..

ReplyDeletewah bhai

ReplyDelete___/\__

ReplyDelete:))

Yeahh...

ReplyDeleteOne more thing

Whnever there is repeated alphabets or vowels

We hv to apply case2 here i.e. dividing with factorial of no. Of repeated alphabets or vowels..

Ohkk SSC ki prep..kaise krr rha hai..matlb gk portn kaise krr rha hai..??

ReplyDeleteyaar 2 rule padh liye... mere sar ghumne laga.... :))

ReplyDeleteAnswers:

ReplyDelete1. 4320

2. 36000, rt??

whole divided?

ReplyDeleteNow i told you that there are many more cases but that are really not important I am explaining these cases because they are important and help ypu while

ReplyDeletesolving Probability.

Now We should move on to the next Topic That Is Combination. Now you know that Permutation means Arrangement or no. of possible ways A thing can be

arranged. But What is the meaning of Combination.

Combination is a simple act of Chosing or Selection.

Like When it is asked What are no. of possible ways Word TITAN can be arrange You have to find The Permutation.

But if it is asked what are no. of possible ways You can Select 2 alphabet from the word TITAN, It means you have to find Combination.

The act of selection or Choosing is called COMBINATION.

Now you all must know what is nPr so it's time to move towards nCr

Like nPr = n!/(n-r)!

nCr is somewhat simillar but that is just an extra r! in the denominator

So nCr = n!/(n-r)!*r!

nCr means r things has to be selected out of n things.

Like IN the above Question No. of possible ways 2 alphabets can be selected from the word TITAN

So total no. of alphabets n = 5

no. of alphabets which we have to select r = 2

So the answer will be 5C2 = 5!/(5-2)!*2! = 5!/3!*2! = 5*4/2*1 = 10

Now i told you have to calculat nPr in a simple way Just like that we can also calculate nCr in a simple way All you have to do is Follow the method of nPr and

In division you have to also multiply in increasing order from 1

Like 6C3 = 6*5*4/1*2*3

And 9C2 = 9*8/1*2

and 10C4 = 10*9*8*7/1*2*3*4

7C5 = 7*6*5*4*3/1*2*3*4*5

I think You all are getting what i am trying to explain, because you know sometimes it's very difficult to explain in written Communication.

u have clear the basic concept....

ReplyDeleteArre thum concept seeko... baadme practise karenge

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thank u..........

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s.s.s

If it was asked that VOWELS in LAYERING are never together what is probability ??

ReplyDeletemera bhi ghumta hai pr padhna to padega

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ReplyDeleteBhai is se acha institutes mey b nahi explain karthe shayadh !

ReplyDeleteIf u wann to arrange thngs then use permutation..if u picked or select things than use combination..its main funda

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ReplyDeleteBhai probability ki value 0 to 1 hoti hai n so when it is given no vowels should come together than

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ReplyDeleteThe letters in the word NOKIA be arranged randomely what is the probability that all vowles are not together

solution :_All vowel come together=3!*3!=36

Total outcome=5!=120

Prob of vowel come together =36/120 =3/10

Prob of all the vowel not comr together =1-3/10=7/10

Hello DK!!

ReplyDelete