Economics
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Assumptions And Limitations Of Opportunity Cost In Economics
Opportunity costs : Prof. Wiser, an Austrian economist used this concept for the first time in Economics. Later on it…
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Nominal Costs Or Money Costs And Real Costs In Economics
Cost of production incurred includes several factors like rent, salaries and allowances, depreciation, interest on capital, rent for land etc.…
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Explaining The Supply Function With Formula
Supply function explains the relationship between two variables namely supply and the factors that determine the supply. It states the…
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12 Factors Determining The Supply Of A Commodity
The term supply denotes the quantity  of a commodity offered for sale at different prices by the producers. “Extension” and…
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Elasticity of Supply: Formula, Importance And Factors
The law of supply does not explain the exact changes in the quantity supplied of a commodity due to a…
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Law of Supply: Determinants, Assumptions, Exceptions and Limitations
Supply is an important factor which determines the price of a commodity. It implies the quantity of a commodity or…
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Characteristics Of Perfect And Imperfect Markets
Market is a place where the buyers and sellers make transactions regarding goods and services. Depending on time, competition and…
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Factors Affecting The Size Of A Market
The extension or size of a market is determined by several factors. More of the factors are related to the…
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Meaning Characteristics And Classification Of Market in Economics
Meaning of Market: In ordinary language the term Markets means a place or locality where commodities are bought and sold.…
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Marginal Rate Of Technical Substitution And Isoquant Curve
Marginal Rate Of Technical Substitution It is possible to substitute one factor for the other in production process. For example,…
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