Microeconomics is a branch of economics studying the behaviour of an individual economic unit. Adam Smith is known as the father of economics and microeconomics.… Read More
Category Archives: Microeconomics
Chapter: Introduction 1. Marginal Rate of Transformation 2. Marginal Opportunity Cost (MOC) Chapter: Consumer’s Equilibrium 1. Total Utility (TU) TUn = U1 + U2 +… Read More
The number and types of firms operating in an industry and the nature and degree of competition in the market for the goods and services… Read More
The amount supplied and the quantity demanded are equal at the equilibrium price in a market that is functioning freely. However, government interference in markets… Read More
The amount supplied and the quantity demanded are equal at the equilibrium price in a market that is functioning freely. However, government interference in markets… Read More
What is Supply? The amount of a commodity a company is willing and able to provide for sale at a specific time is called the… Read More
The words stock and supply of the commodity are frequently used interchangeably. However, the two concepts are different in economics. What is Stock? Stock describes… Read More
What is Law of Supply? Economists have studied the behaviour of both buyers and sellers. They have discovered the law of supply as a result… Read More
Consumers and producers both play a crucial role in the efficient operation of an economy. A producer uses a variety of inputs to create commodities… Read More
Microeconomics is the study of households’, individuals’, and firms’ behaviour towards the allocation of resources and the decision-making process. In short, it deals with the… Read More
A number of activities happen around us in our daily life, such as activities performed in shops, offices, hospitals, etc. The collection of these organisations… Read More
What is the Law of Demand? The Law of Demand states that there is an inverse relationship between the price and quantity demanded of a… Read More
We all know that human wants are unlimited, but the means to satisfy these wants are limited. Therefore, all the wants cannot be fulfilled. An… Read More
What is Monopolistic Competition? A Monopolistic Competition Market consists of the features of both Perfect Competition and a Monopoly Market. A market situation in which… Read More
In economics, demand is the quantity of a good or service that a consumer is willing and able to purchase at different price levels available… Read More
