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Nature and Scope of Micro Economics

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. Microeconomics shows how and why […]

Law of Price

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 price regardless of location when […]

Law of Supply

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, the quantity of goods or […]

Competitive Equilibrium

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 this equilibrium price, the quantity […]

Consumer’s Equilibrium

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 a defined indifference map showing […]

Utility Approach

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 a consumer obtains from any […]

Indifference Curve Approach

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 (ii) It cannot be measured. […]

Short Run and Long Run Production Function

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 not possible. On the other […]

Short Run and Long Run Cost Curve

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 its output by varying only […]

Internal and External Economies of Scale

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 types of economies of scale: […]

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