## 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…

Cost Concept

## 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,…

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.

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.

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

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.

## 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.

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.

What is Law of Diminishing Marginal Utility?

## Utility Analysis: Definitions, Characteristics, Features, Measurement

ility analysis, a subset of consumer demand theory, provides insight into an understanding of market demand and forms a cornerstone of modern microeconomics.

What is Utility Analysis?

## National Income: Components, Importance, Methods, Limitation

What is National Income? A national income estimate measures the volume of commodities and services turned out during a given…

What is national income?