General Concepts
Contribution and Breakeven Analysis
Break-even analysis is a very important aspect of business plan. It helps the business in determining the cost…
August 31, 2021 · Taylor EmmaAuthor: Taylor Emma
A senior editor for The Mars that left the company to join the team of SenseCentral as a news editor and content creator. An artist by nature who enjoys video games, guitars, action figures, cooking, painting, drawing and good music.
General Concepts
Economies and Diseconomies of Scale
Economies of Scale As the production increases, efficiency of production also increases. The advantages of large scale production…
August 31, 2021 · Taylor EmmaGeneral Concepts
Types of Costs
All the costs faced by companies/ business organizations can be categorized into two main types − Fixed costs…
August 31, 2021 · Taylor EmmaGeneral Concepts
Cost Concepts
Costs play a very important role in managerial decisions especially when a selection between alternative courses of action…
August 31, 2021 · Taylor EmmaGeneral Concepts
Isoquants
Isoquants are a geometric representation of the production function. The same level of output can be produced by…
August 31, 2021 · Taylor EmmaGeneral Concepts
Law of Variable Proportions
The law of variable proportions has following three different phases − Returns to a Factor Returns to a…
August 31, 2021 · Taylor EmmaGeneral Concepts
Theory of Production
In economics, production theory explains the principles in which the business has to take decisions on how much…
August 31, 2021 · Taylor EmmaGeneral Concepts
Indifference Curve Analysis
A very well accepted approach of explaining consumer’s demand is indifference curve analysis. As we all know that…
August 31, 2021 · Taylor EmmaGeneral Concepts
Marginal Utility Analysis
Utility is a term referring to the total satisfaction received from consuming a good or service. It differs from…
August 31, 2021 · Taylor EmmaGeneral Concepts
Demand Forecasting
Demand Demand is a widely used term, and in common is considered synonymous with terms like ‘want’ or…
August 31, 2021 · Taylor Emma