Banker's Solution

1. Define the price elasticity of demand and the income elasticity of demand. Price elasticity of demand : The price elasticity of demand measures how much the quantity demanded responds to a change in price. Demand for a good is said to be elastic if the quantity demanded responds substantially to changes in the price. Demand is said to be inelastic if the quantity demanded responds only slightly to changes in the price. Economists compute the price elasticity of demand as the percentage change in the quantity demanded divided by the percentage change in the price. Income elasticity of demand: Income elasticity is about how much a change in consumer income causes a change in quantity demanded. Normal goods (most goods fall into this category) are goods that consumers buy more of when their incomes rise, and less of when their incomes fall. Inferior goods are goods like one-ply toilet paper, top ramen, or generic brand products. When consumers’ incomes rise, consumers buy less of

Influential Person (IPs): "Influential persons" generally refer to individuals who have significant impact, authority, or sway in their respective fields or over others within domestic territory Profession of Influential Person (IPs): 1. Ministers, State Ministers and Deputy Ministers 2. Members of Parliament 3. City Corporation Mayors, Word Commissioners/Councillors, Pouroshova Mayor, Upazilla Chairman, Vice Chairman, and Chairman & Member of Union Parishad. 4. Senior Politicians 5. Members of the governing bodies (Central Executive Committees) of major political parties (especially where a member has significant executive power, e.g., over the selection of candidates or distribution of significant party funds) 6. City/District/Upazilla/Thana President & Secretary of Major Political Parties 7. President/Secretary of different affiliates of major political parties (student, youth, professional affiliates). 8. Candidate of National Election/Local G

  1.What is an indifference map? What an indifference map indicates? An indifference map is the collection of indifference curves possessed by an individual. To describe a person’s preferences for all combinations of two goods i.e food and clothing, we can graph a set of indifference curves called an indifference map (Figure B12). Each indifference curve in the map shows the market baskets among which the person is indifferent. The graph below shows three indifference curves that form part of an indifference map (the entire map includes an infinite number of such curves). Indifference curve U3 generates the highest level of satisfaction, followed by indifference curves U2 and U1. indifference map 2. What are the four basic assumptions about individual preferences? Explain the significance or meaning of each. (1) Preferences are complete: this means that the consumer is able to compare and rank all possible baskets of goods and services. (2) Preferences are transitive: this means that

 Documents required for Decease Account 1.Nominee Application  2.Photo of Nominee attested by Ward Commissioner/Chairman 3.Photocopy of Death Certificate of deceased account holder 4.Photocopy of Warishan Certificate by Ward Commissioner/Chairman 5.Non-judicial Stamp for LOU of Tk.300.00 Decease Account Payment and Its Operation

  2. Scarcity brings in the problem of choice’- Explain. Our resources are limited; however, desires are unlimited. Economics is concerned about how to meet our unlimited desires with limited resources. We would always like more and better housing, more and better education more and better of practically everything. If our resources were also unlimited, we could say yes to each of our wants and there would be no  economics. Because our resources are limited, we cannot say yes to everything. To say yes to one  thing requires that we say no to another. Whether we like it or not, we must make choices.  Our unlimited wants are continually colliding with the limits of our resources, forcing us to pick  some activities and reject others. Scarcity is the condition of having to choose among alternatives.  A scarce good is one for which the choice of one alternative use of the good requires that another  be given up.  A free good is one for which the choice of one use does not require that we