Laws of Production
The laws of production describe the technically possible ways of increasing the level of production. Output may increase in various ways. Output can be increased …
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The laws of production describe the technically possible ways of increasing the level of production. Output may increase in various ways. Output can be increased …
The law of diminishing returns also referred to as the law of diminishing marginal returns, states that in a production process, as one input variable …
The law of returns to scale describes the relationship between outputs and scale of inputs in the long-run when all the inputs are increased in …
Cost analysis is all about the study of the behavior of cost with respect to various production criteria like the scale of operations, prices of …
Time element plays an important role in price determination of a firm. During short period two types of factors are employed. One is fixed factor …
The long run is a period long enough to make all costs variable including such costs as are fixed in the short run. In the …
Revenue estimation involves calculating the amount of money our business is likely to earn. We can work this out by forecasting your business growth rate, …
Price paid by the consumer for the product forms the revenue or income of the seller. The whole income received by the seller from selling …
Marginal revenue is the net revenue earned by selling an additional unit of the product. In other words, marginal revenue is the addition made to …
Demand theory is an economic principle relating to the relationship between consumer demand for goods and services and their prices in the market. Demand theory …