Economics

November 13, 2015

Voluntary Provident Fund

Voluntary Provident Fund (VPF) refers to the voluntary contribution that an employee makes towards his Provident Fund Account over and above the mandatory 12% of his basic salary. VPF is fixed at a proportion of the salary and its percentage…

September 26, 2015

Animal Products and Income Elasticity of Demand

The animal products have positive income elasticity of demand. This implies that as the consumers' income rises, more their consumption pattern will change and more they will demand the animal products such as meat, eggs and milk. This is one…