ECONOMICS

CONCEPTS OF UTILITY

CONCEPTS OF UTILITY

They include the following:- Total Utility. Average Utility. Marginal Utility. 1) Total Utility It is the total amount of utility ...
SUPPLY OF AND DEMAND FOR MONEY

SUPPLY OF AND DEMAND FOR MONEY

Introduction Supply of and demand for money are quite distinct concepts (different things) from supply of and demand for goods ...
INTRODUCTION TO THEORY OF CONSUMER BEHAVIOUR

INTRODUCTION TO THEORY OF CONSUMER BEHAVIOUR

UTILITY In economics, utility means: "Amount of satisfaction which a consumer derives (obtains) from the consumption of a commodity or ...
COST OF PRODUCTION SCHEDULE

COST OF PRODUCTION SCHEDULE

All the different cost concepts discussed are interrelated in a number of ways. They can easily be computed or calculated ...
RELATIONSHIP BETWEEN THE VARIOUS TYPES OF COSTS

RELATIONSHIP BETWEEN THE VARIOUS TYPES OF COSTS

Relationship between TFC, TVC and TC The diagram, figure 8, given below shows the graphical relationship between TC, TFC and ...
SHORT RUN AND LONG RUN COSTS

SHORT RUN AND LONG RUN COSTS

Short Run Costs (SRCs) Short run costs are costs which a firm incurs during its short run period. And they ...
TOTAL, AVERAGE AND MARGINAL COSTS

TOTAL, AVERAGE AND MARGINAL COSTS

Total cost is the total (entire or all) expenses incurred in the process of production. It is also defined as ...
VARIABLE COSTS

VARIABLE COSTS

Variable costs are costs that vary with output (quantity produced in a period), thus as output increases, variable costs also ...
FIXED COSTS

FIXED COSTS

Fixed cost are costs incurred in acquiring capital goods or fixed factors of production (fixed assets), e.g. machines, parcel of ...
INTRODUCTION TO THEORY OF COST

INTRODUCTION TO THEORY OF COST

Cost is a bit elusive (not very easy) to define. Literally, a cost, from the point of view of a ...
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