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Concepts of Revenue
Concepts of Revenue: 1. Revenue 2. Total Revenue 3. Average Revenue 4. Marginal Revenue 5. Profit 1. Revenue: Revenue means the sale receipt of the quan…
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Relationship between Marginal Cost (MC) and Average Cost (AC)
Average Total Cost is the sum of average variable cost and average fixed cost. or we can say, average cost is equal to the total cost divided by the number of…
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All Types of Costs in Economics with Examples
There are several costs that a firm should consider under relevant circumstances. It is quite essential for a firm to understand the difference between various…
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Production Cost in Short & Long Run
Introduction: In microeconomics, the long run is the conceptual time period in which there are no fixed factors of production as to changing the output level …
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Meaning and Definition of Production
Introduction: Production involves the use of production factors in producing the most effective level. In addition, manufacturers also need to use the correct…
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Consumer’s Surplus
Consumer’s surplus, the concept was introduced by A. J. Dupit, a French engineer in 1844. But he could not have developed it. The credit goes to Alfred Marshal…
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Price Elasticity of Supply
Introduction Price elasticity of supply (Pes) measures the relationship between change in quantity supplied and a change in price. If supply is elastic, prod…
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Factors Affecting Supply Curve Shifts
Changes in quantity supplied strictly as a function of price are referred to as movement along a supply curve. A shift of the entire supply curve is referred t…
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Difference between Microeconomics & Macroeconomics
Economics is mainly divided into two parts: 1. Microeconomics 2. Macroeconomics The brief description of Microeconomics and Macroeconomic and its concept is…
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Price Determination Under Perfect Competition
Price determination under perfect competition can be analyzed into three periods: 1. Very Short Period 2. Short Period 3. Long Period 1. Very Short Period: Ref…
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