MICROECONOMICS
Relationship Among Marginal, Average Total and Average Variable Cost
To explain the relationship among marginal cost, average total cost and average variable cost curves. lets draw them on a diagram. From the diagram, …
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MICROECONOMICS
Relationship Between Average Total and Average Variable Cost Curves
The AVC is a part of the ATC, given ATC=AFC + AVC. Both the AVC and ATC are U-shaped, reflecting the law of variable proportion. From the diagram, …
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MICROECONOMICS
Short Run and Long Run Equilibrium under Monopoly
Short Run Equilibrium under Monopoly The monopolist is known for his/her always profit and for never lost. But in short run monopolist maximize its p…
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MICROECONOMICS
Optimal Combination of factors of Production OR Equilibrium of the Firm
The point which maximize the profit of the firm or seller. The goal of the to maximize the difference between total revenue and total cost. Assumptio…
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MICROECONOMICS
Definition of Isoquant, Types of Isoquant , full explanation
Isoquant: An isoquant is a curve which shows the different combinations of two inputs which required to produce a given level of output. The shape…
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MICROECONOMICS
Definition of Indifference Curve, Indifference Map and Properties of Indifference Curve
Definition of Indifference Curve "An indifference curve is the locus of point- particular combinations of goods which yields the same satis…
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MICROECONOMICS
Practical's Uses of Price Elasticity of Demand
The concept of elasticity is introduced by Dr. Alfred Marshall. It has got both practical and theoretical advantages. Some of the practical uses are …
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MICROECONOMICS
Determinants of Price Elasticity of Demand | Details Explanation
Determinants of Price Elasticity of Demand | Details Explanation The price elasticity of demand is not same for all the goods because it may be high …
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