Microeconomics, Microeconomics

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scope of microeconomics

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It is necessary for the proper understanding of the price theory to know the various concepts of cost that are often employed. When an entrepreneur undertakes production of a commo

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The budget line, The Budget Line The line BB gives the persons budget cons...

The Budget Line The line BB gives the persons budget constraint. It is described by the linear equation c + wl = w; which can be rewritten as c = w - wl: The budget li

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Average product of a factor - short period analysis, Average Product (AP) o...

Average Product (AP) of a Factor: The productivity of a factor is often seen in terms of its average contribution. Although not very important in the theoretical discussions,

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