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By A.M. Sheela

Explains the fundamental rules of economics and highlights the applying of those ideas to resort administration. This name emphasises at the efficacy of financial ideas at either the micro and macro degrees within the inn undefined.

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Thus obtaining welfare of the household is the ultimate objective behind this law. ● In the process of production the producer has to combine the factors in such an economical way for getting maximum returns. He will be constantly substituting one factor for another in a way that gives larger returns. For instance substituting labour for capital. He does this in order to obtain equal marginal returns for all factors. ● In the process of exchange the principle helps in relieving the scarcity of a commodity for consumer to substitute the less scarce good for the more scarce good.

Thus obtaining welfare of the household is the ultimate objective behind this law. ● In the process of production the producer has to combine the factors in such an economical way for getting maximum returns. He will be constantly substituting one factor for another in a way that gives larger returns. For instance substituting labour for capital. He does this in order to obtain equal marginal returns for all factors. ● In the process of exchange the principle helps in relieving the scarcity of a commodity for consumer to substitute the less scarce good for the more scarce good.

Commodity 'y' Icc Commodity x If one of the two commodities happens to be an inferior good. For instance, if commodity 'X' is considered to be an inferior good. As shown in the figure above the income-consumption curve would move toward the y axis indicating a high preference for commodity y. Alternatively if commodity y is an inferior as shown in the figure below the consumer may not demand that commodity, instead he would demand more of commodity x. Hence income consumption curve would move towards the x axis indicating the consumers higher preference for commodity x, as shown in the figure below.

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