Author: MDUtheintactone

Microeconomics is the social science that studies the implications of human action, specifically about how those decisions affect the utilization and distribution of scarce resources. …

The law of price is the economic theory that states the price of an identical security, commodity or asset traded anywhere should have the same …

The law of supply is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, …

Competitive equilibrium is a condition in which profit-maximizing producers and utility-maximizing consumers in competitive markets with freely determined prices arrive at an equilibrium price. At …

A consumer is in equilibrium when he derives maximum satisfaction from the goods and is in no position to rearrange his purchases. Assumptions There is …

It is a measure of satisfaction an individual gets from the consumption of the commodities. In other words, it is a measurement of usefulness that …

Marshall’s demand analysis is based on the cardinal measurement of utility. The approach is criticised for two reasons. (i) Utility is a psychological phenomenon and …

A short-run production function refers to that period of time, in which the installation of new plant and machinery to increase the production level is …

In Economics, distinction is often made between the short-run and long-run. By short-run is meant that period of time within which a firm can vary …

An economy of scale is a microeconomic term that refers to factors driving production costs down while increasing the volume of output. There are two …