microeconomics, Microeconomics

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characteristics of microeconomics

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Fixed input and variable input, Fixed input and variable input: A fixe...

Fixed input and variable input: A fixed input is that input whose quantity cannot be varied in the short-run when demand conditions require an increase or a decrease in produc

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An increase in the scale means that all inputs or factors are increased in a given proportion. Increase in the scale thus occurs when all factors or inputs are increased keeping fa

SAC and LAC, What is the explanation for SAC to be tangent to LAC?(In other...

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Economics, define economics in plural sense. .

define economics in plural sense. .

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Given Qd=3-P^2, Yao''s weekly demand for basketballs is given by Qd = 3-P^2...

Yao''s weekly demand for basketballs is given by Qd = 3-P^2 where P is the price of basketballs. At the current price, Yao''s demand for basketballs is unit elastic. What is the cu

What are the factors of production, Factors of Production :   The factors o...

Factors of Production :   The factors of production are the resources that are essential for production. They are usually separated into 4 dissimilar groups: Land - all natu

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Macro economics, national income and what is used to measure it

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Value chain, V alue Chain It is the collection of activities within...

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