Nature of Production Function
Production changes with period of time. In long run, there are various choices available with the producer to make required changes. However, in short run, the choices open to the producer are restricted because...
Author: pritamkurrey111
What the mean of production
What does the term Production mean? This is in fa some activity of making. In economics, production is th creation of utility in any form. In economics, by productior we mean the process by...
Usefulness of Elasticity of Demand in Economic Theory and Practice This concept plays a significant role in economic theory and practice
1. Price Fixation under Imperfect Competition and Monopoly – The individual producer under imperfect competition has to consider the elasticity of the demand for his product when he fixes its price. Likewise, the monopolist ...
Elasticity of Demand
The concept of elasticity of demand is generally associated with the name of Alfred Marshall who had done much to develop it. Law of Demand explains the direction of change in demand. A fall...
Determination of Profit under Perfect Competition (Modern Theory)
Profit, like the reward of any other factor, is determined by the forces of demand and supply. This theory defines the entrepreneur as a business enterprise itself and profit as his net income. Profit...
Measurement of Profit
The difference between accounted profit and finan- cial profit makes measurement of profit complicated. The question arises as to what to include in opportunity cost and what not to. Measurement of profits is not...
Nature of Profit
The nature of profit has been a very complicated and difficult problem for economists to solve. In the last stages of the 19th century Prof. Taussig had called it a form of mixed and...
Average cost of car insurance
How much is car insurance for the average American? What is the average car insurance rate by age and gender?We pulled data from several top sources for car insurance data to get the answers....
Why would you need a property insurance policy?
Why would you need a property insurance policy? We are going to tell you why you need property insurance, you will also have to read this article further to know, So let’s start Property...
What is umbrella insurance? And, how does umbrella insurance work?
The chances are slim that you could lose an overall cause larger than what your current insurance pays for – but if you ever end up in this situation, you could lose all of...