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Definition of Market Equilibrium

Buyers and sellers react to price changes. When prices are high, the buyer reduces consumption; when prices are low, the seller reduces production. Theoretically, in a free market condition, the demand for a product equals the supply of a product, and the price remains constant. This state is market equilibrium.

Hence at this stage, as there is no inventory left, i.e. whatever is produced has been sold and is called market clearing. This stage is a balance where consumer and producer behavior is consistent, and none of the participants has any incentive to change such behavior.

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Features of Market Equilibrium

Given below are the features mentioned:

The amount demanded by the customer equals the amount supplied by the seller.

The quantity supplied and demanded is equal to the equilibrium quantity.

The price charged is equal to the equilibrium.

From the below table, we notice that the equilibrium price is INR 6 at a Quantity of 50 as demand equals supply. The vertical axis in the graph denotes the prices, and the horizontal axis shows the quantity. The point at which both lines intersect is the market equilibrium.

We can’t say that the equilibrium price is INR 4 since the quantity demanded is 70 and only 30 are supplied. Thus, the competition will push the price, and suppliers will produce more. On the contrary, if the price is INR 8, the quantity demanded is 30, and 70 are supplied. In this case, the competition will push the price down, and the producers will curtail production.

When the prices exceed INR 6, the market is not at equilibrium; hence, the demand and supply forces will push the market towards equilibrium by adjusting the prices.

Example #1

New Equilibrium Point: Equilibrium price may change due to changes in supply or demand Variables. Demand and supply variables change due to external factors that include higher prices, availability of cheaper substitute goods, changes in income, changes in raw material prices and overhead costs, technology changes, government policies, seasonality of products, disruption in the economy, etc. Hence, the above factors might push the prices and reach a new equilibrium point.

Example #2

An increase in earnings will increase the disposable income in the hand of consumers and thereby increasing demand. In the below table (kindly compare it to the table above), we note that due to an increase in earnings, the demand has gone up by 10 units. In this case, demand and supply are equal at the price of INR 7 compared to INR 6 in the above table. The increase in demand has raised the prices and reached a new equilibrium.

As noted above, a rise or fall in consumer earnings impacts demand and prices. This comparative study of two static equilibria to each other is Comparative Statics.

Market Equilibrium price and quantity can be computed mathematically.

1. The demand and supply equation is a pre-requirement for such a calculation. The mathematical equation expresses the correlation between the number of goods demanded with the factors that impact the willingness and capability of a consumer to buy the products.


Demand= 200-15P. Supply=5P Here, 200 is the repository of all relevant non-specified factors that affect demand for the product. P is the price of the good. As per the law of demand, the coefficient is negative. The demand for the good would fall as the consumer’s income increased.

Hence 200-15P = 5P.

3. P gives the equilibrium price for the product. So P=10 (200/20P)

4. Once the equilibrium price is put into either demand or supply function and solved, which will give you equilibrium quantity demand and supply.

Demand = 200-15(10)

Demand =50.

Supply = 5(10)

Supply = 50.

The study of Market equilibrium focuses on analyzing the interrelation­ship or inter-dependence between prices of commodities or between prices of commodities and factors of production. Market equilibrium can be analyzed by partial equilibrium analysis and general equilibrium analysis.

Analysis of a secular variable keeping others unchanged is Partial equilibrium analysis. The variable may either be a single price, a single consumer, a single firm, or a single individual. The position of the single variable is viewed in isolation. Hence dependency between variables (e.g. prices and production costs) is ignored. A partial analysis analyzes each variable in great detail and thus assists in understanding general equilibrium analysis.

Example #3

The fall in Crude oil prices to USD 50 per barrel would have little impact on prices of the price of house properties. In the case of house property prices, a partial analysis would be reasonable since we can assume that the prices remain constant. When considering the automobile market, changes in crude oil prices directly link to automobile prices, demand, and supply. Hence, partial equilibrium analysis is useless, and general equilibrium analysis should be used. General equilibrium analyzes the inter­relationship between commodities or economic factors. An extensive analysis method uses a detailed partial equilibrium analysis to define the entire economy’s equilibrium position. Equilibrium is a situation of balance due to the equal action of demand and supply forces which mostly occurs in a perfectly competitive market.

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Command And Examples Of Kubernetes Emptydir

Introduction to Kubernetes emptyDir

The Kubernetes emptyDir is defined as, the emptyDir in Kubernetes are volumes that can obtain empty when a pod is generated, the pod is running in its emptyDir which it exists, if the container in a pod has collision the emptyDir then the content of them will not get affected, if we try to delete a pod, then it can delete all the emptyDirs, and it has to be deleted by accidental technique and deliberate technique that will give the result in the recent emptyDir deletion in which we can say that the emptyDir is used for short term working disk space.

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What is Kubernetes emptyDir?

The emptyDir is the volume type that is created when a pod is running, and while a pod is running, it will exist in an emptyDir, emptyDir can be used for temporary storage purposes it means if we want to store the data for some time at that time, we can use the emptyDir as temporary storage, as we can say that the emptyDir give us the temporary working space if we delete a pod then after that the data from an emptyDir will also get deleted permanently, and it may be deleted accidentally or deliberately if we define the name of emptyDir is test-volume then the {} at the end will say that we do not supply any other requirement for emptyDir. By default, it stores whatever the machine is told to store that might depend on the environment.

When the pod is created, then it is empty at the initial stage; the container can read and write the same file in the emptyDir volume so that the volume can be mounted at the same or different path for every container. The emptyDir can be used for scratch space means for disk-based merge sorting, and it is also useful for giving checkpoints for each crash for the purpose of recovery and also is used for holding the files in which the content can be managed which are fetched by the webserver, the webserver can have data related to container.

Kubernetes emptyDir Command

Let us see how we can execute the emptyDir command:


Ex, volumes: -name : test-volume emptyDir : {}

In this way, we can define the emptyDir volume, which has the name test-volume, and we can use { } (curly braces) at the end, which tells that we do not supply any further requirements for the emptyDir.

The emptyDir can be split into 3 containers which are used in a pod; every container can separately mount the emptyDir at the same path.


apiVersion: v1 kind: Pod metadata: name: yourvolume-pod spec: containers: - image: hebine imagePullPolicy: IfNotPresent name: yourvolume-container-1 command: ['sh', '-c', 'echo The Bench Container 1 is Running ; sleep 3600'] volumeMounts: - mountPath: /demo1 name: test-volume - image: hebine imagePullPolicy: IfNotPresent name: yourvolume-container-2 command: ['sh', '-c', 'echo The Batch Container is Running ; sleep 3600'] volumeMounts: - mountPath: /test2 name: test-volume emptyDir Volume Lifecycle Example

Let us see the lifecycle of emptyDir volume, in which an emptyDir is the volume type that is generated while a pod is allocated to the node, and its duration depends on the lifecycle of the pod that gets regenerated when any container will collapse when a pod has been destroyed or separated from a node then the data from the emptyDir volume is also cut out and lost, so if we want to store data for temporary then we can use this type of data storage.

The emptyDir volume type can be generated by creating a volume first, and then we have to declare the name in the pod.


Ex, volumeMounts: - mountPath: /cache name: our-volume volumes: - name: our-volume emptyDir: {}

The container can be run by using the below command.


"kubectl exec –pod-name".

After that, the ls command can be executed to see all the folders and files under the container; we also see the foo folder, which is already present with volume mountpath.

Then we can create a file inside a foo folder, and we can traverse it by using the command “cd foo.”

Config File uses emptyDir Example

Let us see how the config file can be used in emptyDir; the user can create the defining and server will set the default value, and the user can change or recreate the strategy of volume type if the strategy has been defined at the initial stage then the server expected to be clear that they are useful.


apiVersion: v2 kind: Pod metadata: name: configfl-pod spec: containers: - name: test image: messybox volumeMounts: - name: config-volume mountPath: /etc/config volumes: - name: config-volume configMap: name: log-config items: - key: log_level path: log_level Kubernetes emptyDir Configuration Example

The file which defines the configuration of the Kubernetes object that file is a configuration file in which that can control the source and live objects, and the configuration file can be config as ‘~/.kube/config,’ let us see an example of the configuration of the emptyDir in Kubernetes in which it has a pod, a volume, and a volume mount, container contain name and image.


apiVersion: v2 kind: Pod metadata: name: test1-pod spec: containers: - image: k-webserver name: test-container volumeMounts: - mountPath: /cache name: cache-volume volumes: - name: cache-volume emptyDir: {} Conclusion

In this article, we conclude that the emptyDir in the Kubernetes is the volume type that can be used for temporary storage. It is generated when the first time a pod has been assigned to the node; we have seen examples of configuration and life cycle of it.

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Parameters And Examples Of Jquery Addclass()

Introduction to jQuery addClass()

In the following article, we will learn about jQuery addClass(). It will be a bit tough to learn jQuery without having knowledge of the JavaScript programming language. jQuery has many inbuilt methods. This method is one of them. By using the addClass() method, we can add specified class or classes to the selected element from the set of matched elements. The class attributes which already exists in this method does not remove them. This method can take one or more class names. To add more than one class, the class names are separated by a space character.

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Syntax and Parameters of jQuery addClass()

In simple words, we can say that the addClass() method is used to add a class or classes for the element(s). The addClass() method syntax in the jQuery. It is an inbuilt method in jQuery. Syntax for jQuery addClass() method is as follows:


$(selector) .addClass(className [ , duration] [, easing][,options])


It contains some parameters; some of the details of the parameters are:

className: The className should be of string type. It can take one or more class names; spaces separate them.

Duration: The duration can be a string or a number. It can be either a time in milliseconds, or it can be preset. The default value of the duration is 400 milliseconds. It can take slow, fast or normal as a string parameter. This helps us to control the slide animation based on our requirements.

Easing: The easing should be of string type. It is used for transition. The default value is swing.

Function: It is an optional parameter that returns the class names. It takes the index position and class name of an element.

Queue: The queue takes the Boolean value. If the Boolean value is true, it indicates whether to place or not to place the animation. If the Boolean value is false, the animation will take place immediately.

Complete: This function is called once the animation is completed on an element.

Children: Children take the Boolean value. It is helpful to determine which descendant to animate.

Examples to Implement jQuery addClass()

This is a simple example of the addClass() method. In this example, we can observe the addClass() method effect on the paragraph. We have passed the two class names in this example; they are a highlight, and main we can see in the code they are separated by space in the addClass() method.

Example #1


$(document).ready(function(){ $(“p”).addClass(“highlight main”); }); }); .highlight { font-size: 200%; color: white; display: block; border: 5px solid red; } .main { margin: 100px; background:purple; }


The paragraph content is in normal font size without background and color, as shown in the below figure.

We can observe in the below image that the font size, background color, border, margin, and the display got applied to the paragraph as we mentioned all of them in the addClass() method in the code.

Example #2

This is another example of the addClass() method by using the function.


$(document).ready(function(){ $(“li”).addClass(function(n){ return “listitem_” + n; }); }); }); p { margin: 8px; font-size: 20px; font-weight: bolder; cursor: pointer; border: 5px solid blue; } .main { background: orange; } .listitem_1, .listitem_3,.listitem_5 { color: Brown; } .listitem_0, .listitem_2 ,.listitem_4{ color: green; } $( this ).addClass( “main” ); });


Example #3


$(document).ready(function(){ $(“p”).removeClass(“highlight”).addClass(“main”); }); }); .highlight { font-size: 200%; color: blue; display: block; border: 15px solid Brown; } .main { background-color: violet; }


These are some of the examples of the addClass() method by using some of the parameters and functions.

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Contract Of Guarantee: Meaning And Examples

A guarantee means that they are completely responsible for the actions of another person. In a guaranteed contract, the surety guarantees loan repayment on behalf of the borrower who fails to fulfill the debts. As a result, it seeks to protect the other party from loss.

The Indian Contract Act of 1872 governs the guarantee contract. It includes three parties, one of whom serves as a surety if the breaching party fails to fulfill its responsibilities. Guarantee contracts are ones in which one party necessitates a loan, commodities, or work opportunities.

Meaning of Contract of Guarantee

A guarantee contract is a legal agreement in which one party ensures another party’s accomplishment of a promise or reimbursement of a debt if the later party fails to discharge the liability or fulfill the commitment.

The contract of guarantee is covered under Section 126 of the Indian Contract Act. A guarantee contract is one in which a third party promises (or guarantees) to perform the contract or to discharge the party’s liability under the contract in the case of its default.

Number of Parties Involved

As stated in Section 126 of the Contract Act, a contract of guarantee has three parties: the surety, the principal debtor, and the creditor.

Surety − The person who gives the guarantee is referred to as the surety.

Principal Debtor − The person whose default the guarantee is provided for is referred to as the principal debtor.

Creditor − The creditor is the person to whom the guarantee is given.

For example, X contracts to sell 10 kg of rice to Y on credit for Rs. 5,000. Z, Y’s friend, promises X rupees 5,000 if Y does not pay or fails to pay rupees 5,000. X is the creditor, Y is the principal debtor, and Z is the surety in this case.

Tripartite Contract

Tripartite means the existence of three parties. Due to the involvement of three parties in a guarantee contract, there are three different contracts among the parties themselves. These are the contracts −

Between the principal debtor and the creditor (which is the main contract that is expressed),

Between surety and creditor (express contract of guarantee) (express contract of guarantee)

Between the surety and the principal debtor (it can be express or implied).

General Types of Guarantees

Major types of guarantees are −

Based on the Transaction

Specific Guarantee − A specific guarantee is a type of guarantee that is limited to a single debt or transaction. Under such a guarantee, the liability is discharged as and when the debt is repaid or the promise is fulfilled.

Continuing Guarantee − A continuing guarantee is a sort of guarantee that continues over many transactions. With such a guarantee, the surety’s liability continues until the guarantee is revoked.

Based on Time

Retrospective Guarantee − A retro guarantee is one given by the surety for an existing debt or promise.

Prospective Guarantee − A prospective guarantee is any guarantee given by the surety for the ensuing debt or promise.

Kinds of Guarantee

Contracts of guarantee may be classified into two types −

Unilateral Contract of Commercial Credit

This is a type of guarantee contract that is commonly seen in business transactions. It commonly occurs between a wholesaler and a retailer. It also arises between a retailer and a consumer. Under this sort of guarantee contract, the goods are delivered for no payment but with an agreement. The parties’ agreement is either written or oral. The agreement may or may not include any security against payment discharge at a later date.

Bank Guarantee − This type of guarantee contract is common in government contracts. It is also common in contract tenders. This form of guarantee contract is a commercial transaction. The bank guarantee is autonomous and independent of the underlying contract.

Letter of Credit − A letter of credit is a document written by one person to another about credit. The person who writes the letter requests that the reader give credit to the letter’s bearer, or the person in whose favor the letter is written. This is a common practice in international trade. This can be a generic letter of credit made against all merchants or a special letter of credit drawn against a specific person with all information enclosed.

Absolute Performance Bonds

Absolute means both perfect and complete. In this sort of guarantee contract, the surety pays the amount specified in the contract if the person to whom the guarantee is given fails to discharge the contract.

Retrospective Guarantee − A retrospective guarantee is one that is given for an existing obligation or debt.

Prospective Guarantee − A prospective guarantee is one that is given for a future obligation or debt.

Specific Guarantee − A specific or simple guarantee is one that is made in respect of a single debt or specific transaction and is to end when the guaranteed debt or promise is paid or the promise is duly performed.

Revocation of the Guarantee

Revocation of the guarantee means canceling or ending the contract. A normal contract of guarantee or a contract of continuing guarantee can be revoked in the following ways −

If the surety gives the creditor a notice of revocation in relation to future transactions, as required by Section 130 of the Indian Contract Act,

The death of the surety results in the automatic revocation of future transactions, as stated in Section 131 of the Indian Contract Act.


The contract of guarantee is a type of contract regulated by the Indian Contract Act. Every guarantee contract has three parties, and there are two sorts of guarantees: specific guarantees and continuing guarantees. The type of guarantee used is dependent on the situation and the contract terms.

The surety has some rights against the other parties, and the surety’s liability is considered co-extensive with the principal debtor’s unless otherwise stated by the contract. Contracts are considered invalid if they are entered into via misrepresentation of material circumstances by the creditor or concealment of material facts by the creditor.

Frequently Asked Questions (FAQ)

Q1. What are the features of the contract of guarantee in India?

Ans. It is a contract to pay the other party for their loss. It is a contract to perform a promise or discharge a third party’s liability in the event of his default. The indemnifier and the indemnified are the only two parties. The surety, creditor, and principal debtor are the three parties involved.

Q2. What is the objective of a contract of guarantee?

Ans. A guarantee contract is a promise to answer for the payment of the principal debtor’s debt to the creditor or the fulfillment of some duty. If the major debtor defaults, who is first liable to pay or perform. As a result, the principal debtor has the primary liability to pay.

Q3. What is the purpose of a contract of guarantee?

Ans. A guarantee contract is an accessory contract in which the promisor (i.e., the guarantor or surety) undertakes to accept liability on behalf of the promissee (i.e., creditor) for another person’s debt, default, or miscarriage, whose principal liability to the promisee must exist or be contemplated.

Syntax And Different Examples Of Jquery Val()

Introduction to jQuery val()

JQuery Val() is a type of method used for the operations related to the values of the elements in an HTML based web page. The two operations where this method can be used are to set the value for a given element or to get the value for a given element. One can also used an already defined and declared function to fetch the element property, for which the val() method can be used to set or get the values. The syntax for this method is ‘$(selector).val()’, where val will have the value as a parameter and sometimes the function details wherever applicable.

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$(selector).val() $(selector).val( value )

This method is used to set the value of a selected element.

$(selector).val( function ( index, currvalue ) )

This method is used to set the value of a selected element by using a function.


Value: The value parameter is not an optional parameter, which is used to specify the set value of the attribute.

function ( index, currvalue ): Function ( index, currvalue ) parameter is an optional parameter, which is used to specify the name of a function to execute and return the set value of the attribute.

Examples for the jQuery val()

Below given are the examples of jQuery val():

Example #1 – Without Parameters

Next, we write the html code to understand the jQuery val ( ) method more clearly with the following example where we set the value attribute of the second and third input element with the value content of the first input element –


$(document).ready(function() { var cont = $(“input”).val(); $(“input”).val( cont ); });


Example #2 – Single Select Boxes

Next example code where this method is used to get the form’s elements values. The jQuery val( ) method doesn’t accept any arguments and returns an array containing the value of each selected options in a list else returns a NULL value if no option is selected, as in the below code –


b { color: red; } p { background-color: yellow; margin: 10px; } function fruitdisplayVals() { var fruitValues = $( “#fruit” ).val(); } $( “select” ).change( fruitdisplayVals ); fruitdisplayVals();


Example #3 – jQuery val() Method with Single and Multiple Select Boxes

In the next example code, we rewrite the above code for jQuery val() method with single and multiple select boxes –


b { color: red; } p { background-color: yellow; margin: 4px; } function fruitdisplayVals() { var fruitValues = $( “#fruit” ).val(); } $( “select” ).change( fruitdisplayVals ); fruitdisplayVals();


Now we can select any single fruit option and multiple vegetable options, the output is –

Example #4 – jQuery val() Method with Parameter

Next example code where the jQuery wrap( ) method accepts a string to set the value of each matched element. As shown in the below example –


$(document).ready(function(){ $(“input:text”).val(“Set Value”); }); });


Example #5 – jQuery val() Method with Function as Parameter

This method accepts a function as a parameter and sets the value of each matched element.


$(document).ready(function(){ $(“input:text”).val( function(n,c){ return c+”Set Value”; }); }); });



This method is used to get the value of the html element or to set the value of the html element. Syntax for this are –

$(selector).val( )

$(selector).val( value )

$(selector).val( function ( index, currvalue ) )

Value used to specify the set value of the attribute. function ( index, currvalue ) used to specify the name of a function to execute and return the set value of the attribute.

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5 Features Of Progressive Web Apps

Learn the benefits of progressive web apps (PWAs) and why you should be using them

This year has been huge for the mobile web. Accelerated Mobile Pages (AMP), which have enabled the rapid delivery of news content, have muscled their way to the top of Google search results. Furthermore, Comscore reports that mobile is the leading digital platform, with 52% of mobile media engagement being made via apps.

As mobile consumption continues to grow, providing users with a fast and efficient experience is paramount in boosting impressions, conversions, and sales.

It is because of this that Google is seeking to blur the lines between a mobile website and the native app experience, with the introduction of Progressive Web Apps (PWA).

There is a problem with the mobile web

Think about how quickly the Facebook, Instagram or BBC news apps load on your phone. A world of information is available almost instantly with just one tap.

What makes this worse is that mobile internet connections are fickle and often slow.

Google reports that 53% of mobile site visits are abandoned if it takes longer than three seconds for them to load. It doesn’t make for a great experience and it’s especially not ideal if your business relies on mobile traffic to survive.

Introducing Progressive Web Apps

Progressive Web Apps solve this problem really well. By combining the best of the web and the best of native applications, users get an experience that requires no installation, is fast, feature rich and helps boost conversions.

Some of the biggest brands in the world are already reaping the benefits. Forbes’ PWA increased impressions per visit by 10%. Alibaba increased mobile conversions by 76% and Twitter saw a 20% decrease in bounce rate.

Here are my top five features that make this such an enticing prospect for publishers, online stores, and news outlets.

1. Full-screen native app experience

PWA bring many of the benefits of a native app experience without making sacrifices for devices that do not support them.

One of the most noticeable is the difference between viewing a website in the browser (such as Google’s Chrome or Apple’s Safari) and a native, on-device, application. With PWA, websites are now loaded with a full-screen experience.

Instead of a URL bar, users will now see more of your site on the screen, complete with a splash of branding added in for good measure. This gives your website much more presence and a stronger brand identity.

2. Add to home screen

PWA can be saved to the home screen. This is great for re-engagement. Users are prompted to add the website to their home screen, complete with icon and branding.

This is the first step in creating a native experience. Once the website is on the home screen (with no installation required), it will look and feel just like any other app on their device.

A prominent presence for minimal effort.

3. Works even when offline

Now we get into the really interesting stuff. PWA can work offline or with a limited connection, just like a native app!

Some seriously clever tech means that images, content and even shopping carts are able to function even if you are on a train and you go into a tunnel. Your content is always going to be available, no matter how poor the user’s connection may get.

What’s more, with “pre-caching”, images and articles can be downloaded ahead of time, meaning that users have access to articles they haven’t viewed yet, even if they lose connection entirely.

4. Push notifications

Some of the best features for publishers are the interactivity options that don’t merely mimic a native app experience but are in fact truly native.

Push notifications and the new sharing system allow users to engage and re-engage with publisher’s content in a way that normal websites can’t.

Push notifications will appear in the user’s notification bar, in the same way, that notifications of new matches on Tinder or a new Facebook message do.

Publishers have full control over what they want to “push” to users and when they want to do it. Have you published an awesome new article on PWA? Let your readers know with push notifications.

5. New ways to share content

When users find your content engaging, they want to be able to share it however they choose.

In the past, you were limited to what your developer had built, most likely Facebook and Twitter.

If a new social platform appears, it can often take weeks before a change to your website can be published. This is not only problematic for a user who may want to share the article to their WhatsApp chat group, but also for the publishers, who have to rely on their software team to add support for new services as they appear.

With PWA, users can share web content with any share enabled application that is installed on their device. If a new social network suddenly becomes popular, your content can be shared on it immediately. There’s no need to spend time and resource adding new features to your website.

New features are being added all the time

There are many more benefits to be had from adding PWA functionality to your site, speed and performance improvements, enhanced functionality beyond those outlined here, plus more being added all the time.

Google is actively working on this tech and more and more sites are adopting this concept to make their mobile experiences more dynamic, more user-friendly and better for their customers.

Can I use this now?

Support right now is okay and improving. Google is leading the way and Chrome on Android devices (for the most part) have full integration; with Safari on iOS, sadly, lagging behind.

There is good news, however, Webkit (which powers Safari) is starting to pick up pace in developing the standard.

Adding PWA functionality to existing sites is simple. With careful thought and planning around how and when to use push notifications, which assets should be cached for offline availability and what additional performance enhancing steps can be taken, large improvements in user experience can be achieved. This, in turn, drives more conversions, longer-term engagement, and stronger brand presence.

All of this is great news for the future of mobile web development, and due to the progressive nature and ease of incorporating this functionality into existing websites and workflows, there is no reason whatsoever not to start using this technology right now.

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