What is Business Economics? What is Business Economics? Business Economics, also called Managerial Economics, is the application of economic theory and methodology to business. Business involves decision-making. Decision-making means the…
What is Welfare Economics? What is Welfare Economics? Welfare economics is the study of how the allocation of resources and goods affects social welfare. This relates directly to the study…
What is Profit Function? What is Profit Function? The profit function represents the maximum profit a firm may earn for various combinations of inputs and output prices. Before deriving such…
Monopolistic competition is a market structure that lies between the extreme cases of competition and monopoly. Competition and monopoly lie at opposite ends of the market spectrum. Perfect competition and monopoly are rarely found in the real world and thus they do not represent the actual market situation.
Assumptions of Perfect Competition What is Perfect Competition? Perfect competition refers to a market situation in which there are a large number of buyers and sellers of homogeneous products. The…
What is Perfect Competition? What is Perfect Competition? Perfect competition is an uncommon phenomenon in the real business world. However, the actual market that approximates the conditions of perfectly competitive…
Microeconomics and Macroeconomics What is Microeconomics? Microeconomics is the study of the economic actions of individuals and small groups of individuals. Thus microeconomics may be defined as that branch of…
What are Decision Making Statements in C? At times, it so happens that the computer may not execute all statements while solving problems. Some statements may be executed in a…