Forms of market
Market A market is a place where goods and services are sold. It is an arrangement that facilitates contact between…
Market A market is a place where goods and services are sold. It is an arrangement that facilitates contact between…
Producer equilibrium refers to the situation in which a Producer maximizes its profit by adjusting its production level in response…
In the context of economics, revenue refers to the total income that a firm receives from its normal business activities…
It is the change in total cost from producing an additional unit of output. It is calculated as : MCn…
Average variable cost is the variable cost per unit of output. Production Variable cost Average variable cost 1 12 12…
It is the cost per unit of production, it is calculated with the help of the following formula: AC =…
The expenditure on the inputs of production, both factor and non-factor, for the production of a commodity is called cost…
It states that when more and more units of the variable factors are combined with the fixed factor, the total…
Total product: It is total output produced by all the units of a variable factor used in the production process…
Production function is a concept in economics that describes the relationship between inputs (factors of production) and the output of…