eee eee A) A ED Nome ‘“Smivtt Kc Subjeck s feonomcs Robo 3 Question Numbex (4) [Ang— > Almost 80 wis agp ) Yonek Robbins pyo- [posed highly inkluenHial definition ad the gulayeck martes of economics: the aiocation od Seance mee eee ali nalive ends. Robbing conkines his detipeion tolhuman behaviows, and he Stove +o Sep- ate economics aysom the nedwol Beiences Ungenddsal and drom pbycholoay in oat cubeas : Lionel Robbing, prodesser 04, london echook od. Bronemics , iW His beck, “An Sassy onthe Watase ond Signidicance of Economic Science’. He publish- Edin 4992 gave amore exact and precise dedi definition o4 economics - Tn Iie words, “ economig tathe Sdence Dohich studied human behavioux aa Yelodien Ship between ends cand §cox@ Means which have atfex nadive uses". Thus phe defined economics entrely in tems of Bcorciky CA means . His definition +© the behavioux od Ron — human Anio- ads yooting, of Mon human animals , yooh mg in psy chologrcak ‘process eS ond they neusal under- Pinning s- tin hie Jondmaxk Csseuqg onthe nehire of Lionel Roving defined economic ag “he Sconomic 3 Science which Shudieds human Lelaviows as a mendsand Saxce means which —__| Naction shit § ds and GANT menos ___ 2 Shin SS ~ Ax dirst glance rhs Kove aoSox mulestion Seems a doy and in auspict ous note neh adise jhe behouts [exalt and neuvobldlegion! study o4 Conomic | deagion mating tnanimals. Rabbin's dedinitien Ltonfines econemites 0 We etudy of humad Lahec Vio je Sough+ Jo dishingalsh Eca namics fron) thenodural Sciences and fixmiy opp sed P¥s fo vivisect the g e@nomi|cagent “(meg macs 1.609) + Robbing) definition apply as by o ad Le _ and fundamentatty in dsmaln of annrrad brat | Ayasin dhe Bein aby envidaged, dome n of _ amen Ao mic behouley Robbing, opined’. The -matenials means of achieving ends axe [onwhich to launch adiseussion of the teh ULL Umited: wehare been Lyned out of, Pradise- we have neither efemal litecr nox un mited means od guodtiticadin Evey Where wWeturn V4 we, cheese ene thing we must velln ish othexs Which) im Aidt drent Gyarmelande be Latsh nottohoue Ven gutShad. SO8city of means jo satis ends of vaxying Vm portance’! eur - olmodst ubiquitous con attr oA human belhavicus” Robin's dedinitlen is highly gercra) and Te not! Yesbricted 4s ec changes Such a6 bartey oy worked piansechong - To tuastrade the pala} Trak even® tsdleted mon” Eng engages! in co nomic bekavieur, Robbing 63925) describe: Sa Choice tacing, Robinsen Crusoe, thecastaung e eon MoUs Aassicnered 7 50-4 agoniste 4, C Defoe, 1445/2040) 1 SeTOUSoe 1S meaxsened on afepi cal is :Le bel sel __eing Yovougb Mobbin's Dedinstion it's characte yisticS one - = Lnimited ends” Gnas have yedare Ye human wants. Sce¥cemeansa: “meang' here yeloyeto vesouce. ALkex nodive Uses od rreans | Aceexsdt Ng te Raleing, Ane mang have nokive Uses. Wonks di. A Lsyency . Human wants one AEX SUT] mpawbant They dda 1h Uxyehey - A () bik TUTDate ees Page ——___— aq i | Question Number | 6) re __ANS—)_Cauuitilovium jg the ste! maakt _ Supply and demand blance eachothers ands & segull prices become slable: (renevally anevele _Surplip cf qpeds ov carvices causes prices tego! fi doesn, “which Yesuthe inhighe: demand - white [ aun _UNdex ~ Suppl _ov Shavteg ¢ cCoUuas parees te! |) qoue Yesutiing tnleas demand - The botancing, | efeck 24 Sippy and demand resus (nostate | CL eqoluibviam - nepxked equiti byte is a endl: i don oxstete vn which ecnemic fowcec ave ballan- - eed: Ineddeck, economic Variable yemain une i chang ed dyom theix equttibel um values inthe _ | chsence of external inpAuences . BtERGGH nile | Equilibt umie the ombin atlen of economic ey | tables to word which hormal cone mic Pracesses | Such “s Supply and demand, Ayivethe economy. | A mayked 8 in equidibrium ifetthe marte [pyice the quantity % demanded iS equal to the quantity Supplied - The price at Which he qquce ed Ig equal jo the Guandtihy guppble edis the equi Lbvium price ov marke [okeZsing price and the corresponding quantity _ Te the quiliirium dwantity~ Ene mmaascek Selle, oho oh tex agood 6¥ Service, tnteract With 4 buyers, Whode nek possess the goed and _ want fo acquire tt + Ax ech price thesellas Teel dehow many units they wart to obdes & 2 ond the buyers decide tt Ahis pric : Sut Toes Sup PLS. itt be higher rhe mans Moris “Mr once od dhe Cen ne Wavel Che of He ge hoes _higheY the| e oF — = —V"the higher the marke price cd Yhegead - Nts Lyi ——f va ak which these boo quantiles areident -akthe price akuhich thequantity ce — =n ~ — manded eats the quantity Sup pal ed, themmy \eek isin equitibyiam In Sy uibbyiam, thekecre no buyers Who wold Like fo bu hegost hut onn- ot findas etter and thee ome no Surars who (would ete Wis Ike aha AY Aen Hite Sek the qood Luk are Unable tedind o K buyer: Ths means thet the @ equilibyiun pric eswlers Are abel to sett exactly the Sciaentity They wart to sdt ab tre this price and the buyers are able tobuy oer t ercactly dhe apc quantity phot ey wanrle buy ak this price nwe cone asi ty Ror demand supply A 4 ind dhe marizeb ecu U maum by heoistng dey the price oA Which the eenticty demanded \s ual fothe want ty Suppued - Fax cocample, guppesed hak in morel de® penciis the mavk- ek demand is given bythe Lines - demand Anchen q 9y = 40- P on d the mosket sugp- te is equat kas 2P-2. Tn Cqyulttbsi um Yre number Of perdds Jrak the buyers want fo buy, 112) awosni-tss eupphed has +o beequa Yo the quantity demanded 4b “4s = Foy Tie demand and Sup phy Asunct Men of example Ths means 20-P = 2Pr2- WWNow weeotly have +e solvep +e dind the wa bei ue price which iS eyed to PE=Y, quantity, ve Plug To Aina the co¥ves pertating “4 :\7 5 | the cquilibyium price PF badete tate Sup rly by the demand dunchion and cbbat n4ae= 6-Ths ineuy Max ket dor pencils Me eqyut beta Erice is equal to 4) and ed this price the Acer ba exchanged ig equal +0 Santis: sho DAN araeh below » 2 Ve NK OT Y ) s