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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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Factors Affecting Supply (Determinant of Supply)
1. Price of Related Goods The supply of a product can be influenced by the price of related goods: A) Substitute goods B) Complementary goods A) Substitute…
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Supply Schedule and Supply Curve
The relation between the quantities of a commodity supplied at a given price is shown in the supply schedule. In other words supply schedule is the tabular fo…
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