Tag: economics

Know about Engle Curve and its relevance in economics at e akhabaar. The Engle Curve tracks the consumption of a Good X as an individual’s…

Know about Consumer’s surplus by using indifference curve and its relevance in economics at e akhabaar. Consumer’s Surplus is one of the most important concepts…

Know about The concept of consumer surplus and its relevance in economics at e akhabaar. Consumer surplus is defined as the difference between the consumers’…

Know about What is opportunity cost? and its relevance in economics at e akhabaar. The opportunity cost of any good is the next best alternative…

Know about Production function and its relevance in economics at e akhabaar. In economics, Production function may be defined as the functional relationship between physical inputs…

Know about Economies of scale and its relevance in economics at e akhabaar. Economies of scale, in microeconomics, refers to the cost advantages that a…

Know about Concept of production function and its relevance in economics at e akhabaar. The production function simply states the quantity of output (Q) that…

Know about Fixed cost and Marginal cost and its relevance in economics at e akhabaar. Fixed cost are expenses that do not change in proportion to…

Know about Characteristics of perfect competitive firm and its relevance in economics at e akhabaar. Characteristics of perfect competitive firm –Infinite SellersInfinite customers with the…

Know about What is MILTS? and its relevance in economics at e akhabaar. The marginal rate of technical substitution (MRTS) can be defined as, keeping…