Different types of prices are explained below:Marked PriceYou might have seen while purchasing goods that every article has a price marked on it. This is known as the market price (MP) of the article.Selling PriceThe price at which any item is sold is called its selling price. The ...
Goods Purchase A/c Dr. 25,000 To B A/c 25,000 Real A/c Personal A/c Debit what comes in; Credit the giver 4 Freight A/c Dr. 1,000 To cash A/c 1,000 Nominal A/c Real A/c Debit all expenses Credit what goes out 5 C A/c Dr. 15,000 To Sale A/c 15,000 Person...
is the total contentment procured from utilising the given amount of some goods ‘ p ’ . marginal utility: mu is the difference in total utility due to the utilisation of one extra unit of goods or commodities. ordinal utility analysis: the customer does not quantify utility in numerals. ...
The key function of these intermediaries is to bring buyers and sellers together to make a deal. For example, an insurance or real estate agent gets a commission for their service or a sale, but does not take the ownership. Wholesalers and Resellers:They typically buy goods from the manufactu...