Elaborate the Recardian theory of rent in case of Extensive and Intensive Cultivation. ricardian theory of rent notes Meaning of Rent:- In economics, which payment is made to the landlord for the purpose of using his land for production is called rent. Definition According to Oser, “Economic rent is the payment for the use of …
Meaning of Indifference curve:- An indifference curve is that line of points which shows different combinations of two commodities which yield equal satisfaction to the consumer. Definition According to the leftwich:- “A single indifference curve shows the different combinations of X and Y that yield equal satisfaction to the consumer”. In other words:- The combination …
What is meant by monopoly? Discuss the short run and long run equilibrium of firms under monopoly. ( 2016 ) Meaning of Monopoly:- “Monopoly is that market situation in which there is a single seller. There is no close substitute for the commodity that it produced. And there are barriers to entry. “ According to …
why is short run average cost curve u shaped Short Run Average cost curve is U shaped. When we see in the figure that It initially falls downwards and has reached its minimum point And after it begins to rise upward. However, the U shaped short run Average Cost Curve can be understood in two …
What are the different concepts related to Costs? Describes the relation between the average cost and marginal cost. Concepts of Costs:- Costs concepts are used in a different way in economics as following: Relation Between Average Cost and Marginal Cost We can understand their relation between Average and Marginal Cost with the help of the …
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What is a perfect Competition? What are its Characteristics? How is the price of a commodity determined under perfect Competition? ( 2016 ) Perfect Competition:- Perfect Competition is that market where there are a large number of buyers and sellers of homogeneous products. It is impossible to distinguish between the units being sold by them. …
What is the cardinal utility analysis? Discuss equilibrium of the consumer through utility analysis. Meaning of cardinal utility :- Cardinal utility refers to cardinal numbers like 1, 2, 3, 4 etc. Cardinal utility are those numbers which can be added or subtracted. In other words:- When we consume anything its utility measures in numbers like …
What is the cardinal utility study? Examine critical the law of diminishing Marginal Utility. Meaning of cardinal utility :- Cardinal utility refers to cardinal numbers like 1, 2, 3, 4 etc. Cardinal utility are those numbers which can be added or subtracted. In other words:- When we consume anything its utility measures in numbers like …
Discuss the Nature and Scope of Micro Economics. Meaning of Microeconomics:- Microeconomics is the branch of economics that deals with the behavior of an individual Consumer, firm and family is known as Microeconomics. Microeconomics is concerned with the analysis of individuals, households study and firm’s behavior in decision making and apportioned of Scarce Resources for …
