In this article we will discuss about the cost-output relation during long run and short run cost curves. Cost-Output Relation during Short Run or Short Run Cost Curves: Time element plays an important role in price determination of a firm. During short period two types of factors are employed. One is fixed factor while others […]
Cost Output Relation: Long and Short Run | Microeconomics
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Concept of Revenue and Its Types | Microeconomics
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Every firm or producer aims at maximisation of its profits. The maximisation of profit is only possible when the cost of production of a commodity is at its minimum level and the price is at its maximum level. Thus, the volume of profit is the difference between the total revenue and total cost of an […]
How to Attain Equilibrium of a Firm under Perfect Competition? | Economics
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In this article we will discuss about how to attain equilibrium of a firm under perfect competition. Equilibrium of a Firm under Perfect Competition: An individual firm is called in equilibrium when two conditions are met: (1) The change in output does not encourage the firm. (2) When the firm is earning maximum profit. There […]