Isoquant Meaning, Assumptions and Properties
by An iso-product curve is locus of various combinations of two factors of production giving the …
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Laws of Return to Scale
“The term returns to scale refers to the changes in output as all factors change …
Law of Variable Proportions
Law of Variable Proportions occupies an important place in economic theory. This law is also …
Production function in Short run and Long run
In economics, production theory explains the principles in which the business has to take decisions …
Producer’s Behavior: Production and Factors of Production
Production is the result of co-operation of four factors of production viz., land, labour, capital …
Elasticity of Demand Measurements
A change in the price of a commodity affects its demand. We can find the …
Elasticity of Demand and Its Types
Demand extends or contracts respectively with a fall or rise in price. This quality of …
Optimum utilization
Companies usually have limited resources, such as limits on space, on the number of workers, …
Demand Curve
Definitely, if there is any change in supply, demand or both the market equilibrium would …
Exception of the Law of Demand
In a competitive market, the price conditions of a product or service will keep varying …