Consumer’s Equilibrium
by Consumer’s Equilibrium refers to the point at which a consumer maximizes their satisfaction or utility, given their budget constraint. It occurs when the consumer allocates …
Category: Management Notes
Management Notes of Various Universities across india
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 …
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 …
Short Run and Long Run Production Function
Production analysis basically is concerned with the analysis in which the resources such as land, labor, and capital are employed to produce a firm’s final …
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 …
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 …
Optimum Size of the Firm
It is important to explain the concept of optimum firm. The optimum firm refers to the best or ideal size of the firm. More specifically …
Factors Affecting Optimum Size of the Firm
The six main factors responsible for determining the size of the firm are as follows: Entrepreneurial Skill The most important factor of comes is the …
Perfect Competition
Pure or perfect competition is a theoretical market structure in which the following criteria are met: All firms sell an identical product (the product is …
Aspects of Non-Price Competition
Non-price competition refers to competition between companies that focuses on benefits, extra services, good workmanship, product quality – plus all other features and measures that …
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