Ajit Kumar Technology Acceptance model (TAM)
This framework helps to understand how and why people adopt new technology. This model is developed by Devis et al.…
Forms of market
Market A market is a place where goods and services are sold. It is an arrangement that facilitates contact between…
Producer equilibrium
Producer equilibrium refers to the situation in which a Producer maximizes its profit by adjusting its production level in response…
Concept of Revenue
In the context of economics, revenue refers to the total income that a firm receives from its normal business activities…
Marginal Cost
It is the change in total cost from producing an additional unit of output. It is calculated as : MCn…
Average Variable Cost
Average variable cost is the total variable cost per unit of output. It indicates the cost of variable resources like…
Average Cost
It is the cost per unit of production. Average Cost (AC) is calculated with the help of the following formula:…
Cost of Production
The expenditure on the inputs of production, both factor and non-factor, for the production of a commodity is called the…
Law of Variable Proportion
It states that when more and more units of the variable factors are combined with the fixed factor, the total…
TP Total product, MP Marginal product and AP Average product
Total product: It is total output produced by all the units of a variable factor used in the production process…