The laws of returns to scale refer to the long run analysis of production. In the long run all the factors become variable. So output can be expanded by ...

The law of variable proportions examines the production function assuming one factors as variable and others as fixed. According to this law, if additional ...

The ordinary demand curve of a good can be derived by using IC technique particularly using the price consumption curved (PCC). PCC may be defined as the ...

The supply curve shows the influence of price on the quantity supplied when other factors that influence quantity supplied are held constant When due to ...

Movement along a demand curve. It refers to change, in quantity demanded due to change in price in the same demand schedule. When price falls, then ...

Opportunity Cost:  Choices are necessary because resources are scarce. A sacrifice is involved in choosing a scarce resource to produce one thing ...