Cost Concept: All Different Types of Costs
What is Cost Concept? Cost and output analysis is related to the production function, factor prices and efficiency of the…
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2 January 2022
Cost Concept
Returns to Scale: Increasing, Constant, Diminishing
What is Returns to Scale? The changes in total output on account of the change in the factors of production…
30 December 2021
What is Returns to Scale?
ISO Product Curve and Returns to Scale
What is ISO Product Curve? An iso product curve is a locus of various combinations of two factors of production…
26 December 2021
What is ISO Product Curve?
Production Function: Types Laws, Importance, Assumptions, Features
What is Production Function? Production is a process of transforming tangible and intangible inputs into goods or services. Raw materials,…
10 November 2021
What is Production Function
Supply: Definitions, Determinants, Laws, Elasticity
Supply is the total quantity of a commodity that a seller would be willing to produce and sell at a given price, during a given period of time.
11 October 2021
What is Supply?
Demand: Definition, Importance, Types, Factors, Law, Demand Schedule
Demand means the various quantities of goods that would be purchased per time period at different prices in a given market.
8 October 2021
What is Demand?
Consumer Surplus: Definition, Concept, Assumptions, Difficulties, Criticisms
Consumers surplus is the economic gain accruing to a consumer (or consumers) when they engage in trade
3 October 2021
What is Consumer Surplus?
Role of Business Economist: Responsibilities, Disciplines
iness economists are the persons who perform jobs in context to identify various problems that are uplifting a company, find out various reasons behind these problems, analyze their effects on the functioning of the company and finally suggest rational alternative and corrective measures to be taken by the management.
3 October 2021
Role of Business Economist
Indifference Curve Analysis: Approach, Characteristics, Definition
A curve showing different combinations of two commodities giving the same level of satisfaction to the consumer is called the indifference curve.
29 September 2021
What is Indifference Curve?
Law of Diminishing Marginal Utility: Causes, Assumptions, Criticism
The Law of Diminishing Marginal Utility is based on the assumption that as a consumer consumes more and more units of a commodity, its severity of want declines, due to this, the marginal utility derived from the commodity also declines.
28 September 2021
What is Law of Diminishing Marginal Utility?