By A.M. Sheela
Explains the elemental rules of economics and highlights the appliance of those ideas to lodge administration. This name emphasises at the efficacy of financial ideas at either the micro and macro degrees within the lodge undefined.
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Additional resources for Economics of Hotel Management
This is the equilibrium position where the consumer gets maximum satisfaction. At the equilibrium point, E is on the IC3 and the price line PB are tangent to each other. Hence at the equilibrium point the marginal rate of substitution between two goods is equal to the ratio of their price. that is: MRS xy = Px Py CHANGES IN THE CONSUMER'S EQUILIBRIUM AND ITS EFFECT ON DEMAND In analysing the concept of consumer's equilibrium, we assumed that the consumer's income, price of the commodity, and substitutes to remain constant.
The original price line is AB. If the income of the consumer increases the prices of the two goods remaining unchanged, the price line will shift to higher position A1B1. This is because with increased income the consumer is able to purchase proportionally larger quantities of A and B. If the income of the consumer decreases without any change in the prices of the two goods, the price line will shift to the position A2B2. This is because at lower income the consumer will proportionally purchase lesser quantities.
It is seen that the consumer choice of combination depends on 1. the prices of the two commodities considered for consumption. 2. the income of the consumer. The budget line is the locus of points representing all the different combinations of the two goods that can be purchased by the consumer, given his money income and the prices of the two goods. For example let us assume our consumer has Rs 100 to be spent on two goods. If the price of M is 5 and the price of N is Rs 10, his alternative spending would be as illustrated in the table.
Economics of Hotel Management by A.M. Sheela