A curve showing different combinations of two commodities giving the same level of satisfaction to the consumer is called the indifference curve.
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.
ility analysis, a subset of consumer demand theory, provides insight into an understanding of market demand and forms a cornerstone of modern microeconomics.
lation composition is the description of the characteristics of a group of people in terms of factors such as their age, sex, marital status, education, occupation, and relationship to the head of household.
population is the total number of humans currently living and was estimated to have reached 7,800,000,000 people as of March 2020.
What is National Income? A national income estimate measures the volume of commodities and services turned out during a given…
The theory of distribution or the theory of factor pricing deals with the determination of the share prices of four factors of production, viz., land, labour, capital and organization.
What is Business Economics? Business Economics, also called Managerial Economics, is the application of economic theory and methodology to business.…
What is Welfare Economics? Welfare economics is the study of how the allocation of resources and goods affects social welfare.…
What is Profit Function? The profit function represents the maximum profit a firm may earn for various combinations of inputs…
