02Dec 2018 by admin

Short Notes on “Monopoly Market Form”

Industry
Monopoly is a market form, which has always attracted the attention of economists. This word has come from the Greek words, monos (single), polein (selling), which mean alone to sell. Therefore, in literary terms, it implies a market structure, where there is a single seller.In economic theory, monopoly is characterised by sole producer selling a distinct product for which there are no close substitutes and there are strong barriers to entry. This sole producer (may be known as monopolist) controls the entire supply of the market.Thus, the supply curve of the firm and the industry will be one and the same. Under these circumstances, the monopolist will tend to have complete control over the price of the product sold by him. That is why, monopolist is a price maker rather…
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02Dec 2018 by admin

Ten Essential elements of a valid contract – Essay

Trade
A contract has been defined in Section 2(h) as “an agreement enforceable by law.” To be enforceable by law, an agreement must possess the essential elements of a valid contract as contained in Sections 10, 29 and 56. According to Section 10, all agreements are contracts if they are made by the free consent of the parties, competent to contract, for a lawful consideration, with a lawful object, are not expressly declared by the Act to be void, and, where necessary, satisfy the requirements of any law as to writing or attestation or registration. As the details of these essentials form the subject-matter of our subsequent chapters, we propose to discuss them in brief here. ADVERTISEMENTS: The essential elements of a valid contract may be summed up as follows: 1.…
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02Dec 2018 by admin

Five Important kinds of contracts from the point of view of enforceability – Essay

Trade
From the point of view of enforceability a contract may be valid or voidable or void or unenforceable or illegal.1. Valid contract:A valid contract is an agreement enforceable by law. An agreement becomes enforceable by law when all the essential elements of a valid contract as enumerated above are present. ADVERTISEMENTS: 2. Voidable contract:According to Section 2(i), “an agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract.”Thus, a voidable contract is one which is enforceable by law at the option of one of the parties. Until it is avoided or rescinded by the party entitled to do so by exercising his option in that behalf, it is a…
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02Dec 2018 by admin

7 Assumptions or Conditions of Perfect Competition Market

Industry
The following features serve as a necessary set of assumptions or conditions underlying the model of perfect competition: 1. Large Number of Sellers and Buyers: In perfectly competitive market, there are a large number of sellers and buyers in the indus­try. On account of innumerable transactors, each seller produces a very small portion of the total quantity offered in the market and each buyer has an inappreciable portion of the total demand of the market.Thus, no individual seller (or buyer) has any economic or market power to influence the market price in his favour through his own individual behaviour or action. The number of sellers and buyers are so numerous that variations in output by one seller or change in purchase by a single buyer can hardly make any difference…
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02Dec 2018 by admin

Four essentials of valid consideration in Indian Contract Act

Marriage
The four component parts of the definition of consideration may well be described as the essentials of valid consideration. We shall now discuss these essentials one by one in detail.Essentials of valid consideration in Indian Contract Act are as follows:The four component parts of the definition of consideration may well be described as the essentials of valid consideration. We shall now discuss these essentials one by one in detail. ADVERTISEMENTS: 1. Consideration must move at the desire of the promisor:In order to constitute legal consideration, the act or abstinence forming the consideration for the promise must be done at the desire or request of the promisor. Thus acts done or services rendered voluntarily, or at the desire of third party, will not amount to valid consideration so as to support…
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02Dec 2018 by admin

What is the Relationship between “Product” and “Cost”? – Explained!

Essays
We know that average product (AP) of an input is equal to the total product or output (Q) divided by the number of units of variable input (N). Therefore,AP=Q/N=> 1/AP = N/Q ADVERTISEMENTS: Further,Average variable cost (AVC) = TVC/Q=>AVC=N?P/Q=P. (N/Q)Here, ‘P’ is the price per unit of the variable factor. ADVERTISEMENTS: Substituting equation (11.1) in equation (11.2) we getAVC = P. (1/AP) Image Source: ofslides.comThus, average variable cost is equal to the price of the input multiplied by the reciprocal of its average product. Given the price of the variable input (P), the average variable cost is equal to the reciprocal of the average product. In other words, the average variable cost and average product vary inversely with each other. ADVERTISEMENTS: When average product rises in the beginning (as more…
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02Dec 2018 by admin

14 Precautions A Researcher Should Keep in Mind While Preparing the Research Report

Data
A research report forms a channel of communication between the research findings given by researcher on the one hand and the readers of the report on the other hand and effective communication of research findings to the readers is the basic task of the research report.Hence researcher should keep in mind the following precautions while preparing the research report:1. The length of the report should be kept keeping in view the fact that it should cover the subject in length but it should be short enough to maintain the interest of readers. ADVERTISEMENTS: 2. The report should not be dull. It should be such as to sustain one’s interest.3. The report should possess the features of simplicity and avoiding vagueness.4. Readers of the report are more interested in acquiring a…
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02Dec 2018 by admin

Useful Notes on Racial Differences and Intelligence

Data
The following studies conducted reveal the extent to which there are racial differences in intelligence. (1) Brigham: Reported the following experi­mental data regarding the scores by Foreign-born recruits in U.S. Army-during World War I; the Poles, the Italians, the Russians, the Greeks have a low score, the English, the Scotch, the Germans, and the native born American, have high score.He however, later repudiated his own hypothesis on account of statistical inconsistencies. Image Source: bigleaguedreams.files.wordpress.com (2) Klinebeig: ADVERTISEMENTS: From his studies of rural and urban people of German and France and Italy revealed that differences between races or nations are not so great as are the differences between individuals within a single race or country. (3) Negroes in America: Belonging to the Northern part either score high or equivalent to white…
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02Dec 2018 by admin

5 Main Mechanisms of Heredity in the Psychological Foundation of Education

Development
Main Mechanisms of Heredity in the Psychological Foundation of Education are described below: 1. Mating: Mating is the first step for reproduction. It is essential for the union of the male germ cell spermatozoa with the female ovum. The union causes fertilisation of the ovum.Growth and development takes place by the multiplication of the fertilized cell through continuous division (or mitosis). Image Source: 185.26.182.219 2. Growth: ADVERTISEMENTS: Involves repeated division of the fertilised cell or zygote. 3. Chromosomes: The fertilised ovum consists of a semi-fluid mass called cytoplasm, and within that there is a small nucleus of denser material. The nucleus includes the elementary carriers of the traits of both the parents, called chromosomes. In a fertilised ovum, there are 24 pairs of chromosomes, 24 from father and 24 from…
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02Dec 2018 by admin

Educational Implications of Growth and Development

Games
5 Educational Implications of Growth and Development are described below:1. Education is not only a process and a product of growing, it means growing. It aims at the fullest possible realisation of all the potentialities of children. This implies that teachers and parents must know what children are capable of and what potentialities they possess. Equipped with this knowledge they should provide suitable opportunities and favourable environmental facilities which are conducive to the maximum growth of children. Apart from these opportunities, it is necessary that their attitudes are helpful, encouraging and sympathetic.2. School programmers, procedures and practices should be adjusted to the growth and maturational levels of children, bearing in mind the individual variations in rates of growth. Since various aspects of growth are interrelated, parents and teachers should pay…
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