Difference between Marginal cost and Average Cost
Difference between Marginal cost and Average Cost: Marginal Cost Marginal cost is the change in total cost when an additional unit of output is produced.…
Economics
Production Possibility Frontier
Production Possibility Frontier shows the maximum amounts of production that can be obtained by an economy given its technological knowledge and quantity of imputes available. Opportunity…
Basic Assumption of Marshallian Utility Analysis
The cardinal utility approach or what is called also as the Marshallian approach to consumer’s equilibrium is based on the following assumption – Rationality It…
Marginal utility
Marginal utility is the additional satisfaction a consumer gains from consuming one more unit of a good or service. Marginal utility is an important economic…
The causes of changes in supply
A shift of the supply curve caused by a change in one of the supply determinants. A chow in supply is caused by any factor…
What is Exceptional Supply?
Supply means the quantities that a seller is willing and able to sell at different prices. It is obvious that if the price goes up,…
What is a supply function?
In economics, supply refers to the amount of a product that producers and firms are willing to sell at a given price when all other…
Describe low of supply
The law of supply is a fundamental principle of economic theory. It states that all else equal an increase in price results in an increase…
Factor affecting demand curve
The consumer demand curve illustrates the cost people are willing to pay for a certain quantity of a good. The market demand curve will be…
What is demand curve?
In economics the demand curve is the graph describing the relationship between the price of a certain commodity and the amount of it that consumers…
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