Law of Supply Definition of Law of Supply There is the direct relationship between the price of a commodity and its quantity offered for sale “Law of Supply”
Law of Variable Proportions (Short Run Analysis of Production)
Law of Variable Proportions/Law of Non-Proportional Returns/Law of Diminishing Returns (Short Run Analysis of Production) Definitions There were three laws of returns mentioned in the history of economic thought up “Law of Variable Proportions (Short Run Analysis of Production)”
Long Run Production With Variable Inputs
Long Run Production With Variable Inputs The Long Run Production is the lengthy period of time during with all inputs can be varied. There is no “Long Run Production With Variable Inputs”
Macronutrients and Micronutrients – Importance for Plants & Deficiency Symptoms
Macronutrients And Micronutrients Below is a list of the basic macronutrients and micronutrients/trace elements, along with the horticultural-benefits and deficiency-symptoms of each: Nitrogen Element Name: “Macronutrients and Micronutrients – Importance for Plants & Deficiency Symptoms”
Marginal Rate of Substitution (MRS)
Marginal Rate of Substitution (MRS) Definition and Explanation of Marginal Rate of Substitution The concept of marginal rate substitution (MRS) was introduced by Dr. J.R. “Marginal Rate of Substitution (MRS)”
Economics – Different Views about the Definition of Economics
ECONOMICS There are different views about the definition of economics which are the following: 1. Classical view by Adam Smith. 2. Neoclassical view by Alfred “Economics – Different Views about the Definition of Economics”
Revenue Concepts
Revenue Concepts The revenue of a firm jointly with its costs ascertains profits. Now let us discuss revenue concepts. The term revenue denotes the receipts “Revenue Concepts”
Short Period Analysis of Production/Law of Variable Proportion
Short Period Analysis of Production The short run is a period of time in which only one input (say labor) is allowed to vary while “Short Period Analysis of Production/Law of Variable Proportion”
