General Concepts 3 min read
Market
• In economics, market means a social system through which the sellers and purchasers of a commodity or a service (or…
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General Concepts 1 min read
Short-run Costs
In the short-run, a firm employs two types of factors: fixed factors and variable factors. Costs are also of two…
General Concepts 2 min read
Applications of Opportunity Cost
The concept of opportunity cost has been widely used by modern economists in various fields. The main applications of the…
General Concepts 2 min read
Opportunity Cost
• The concept of opportunity cost occupies a very important place in modern economic analysis. • Factors of production are…
General Concepts 2 min read
Determinants of Elasticity of Supply
Nature of the commodity: The supply of durable goods can be increased or decreased effectively in response to change in…
General Concepts 3 min read
Factor Determining Supply or Supply Function
Price of the commodity: When the price of a commodity in the market rises, seller increases the price. The cost of…
General Concepts 2 min read
Elasticity of Demand
Whenever a policy maker wishes to examine the sensitivity of change in quantity demanded due to the change in price,…
General Concepts 2 min read
Exceptions to the law of demand
Conspicuous goods: These are certain goods which are purchases to project the status and prestige of the consumer. For e.g. expensive…
General Concepts 2 min read
Determinants of demand
There are many factors other than price that can affect the level of quantity demanded. This defines demand function. (i)…
General Concepts 2 min read
Production Possibility Curve (PPC)
In economics, a production–possibility curve (PPC), is also called a production–possibility frontier (PPF), production-possibility boundary or product transformation curve, is…
