In this article we will discuss about:- 1. Meaning and Definitions of Indifference Curves 2. Assumptions of the Indifference Curves 3. Characteristics 4. Budget Line or Price Line 5. Superiority over Utility Analysis 6. Criticisms. Contents: Meaning and Definitions of Indifference Curves Assumptions of the Indifference Curves Characteristics of Indifference Curves Budget Line or Price […]
Indifference Curves | Demand Analysis | Microeconomics
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Cost Types: 8 Main Types of Cost | Microeconomics
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The following points highlight the eight main types of cost. The types are: 1. Money Cost 2. Real Cost 3. Opportunity Cost 4. Direct Cost and Indirect Cost 5. Incremental Costs and Sunk Costs 6. Replacement Costs and Historical Costs 7. Fixed Costs and Variable Costs 8. Short Run Costs and Long Run Costs. Type […]
Cost Output Relation: Long and Short Run | Microeconomics
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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 […]