Micro Economics

Marginal utility is the additional satisfaction a consumer gains from consuming one more unit of a good or service. Marginal utility is an important economic…

A shift of the supply curve caused by a change in one of the supply determinants. A  chow in supply is caused by any factor…

Supply means the quantities that a seller is willing and able to sell at different prices. It is obvious that if the price goes up,…

In economics, supply refers to the amount of a product that producers and firms are willing to sell at a given price when all other…

The law of supply is a fundamental principle of economic theory. It states that all else equal an increase in price results in an increase…

The consumer demand curve illustrates the cost people are willing to pay for a certain quantity of a good. The market demand curve will be…

In economics the demand curve is the graph describing the relationship between the price of a certain commodity and the amount of it that consumers…

Demand function a behavioral relationship between quantity consumed and a person’s maximum willingness to pay for incremental increases in quantity. It is usually an inverse…

Everything in life is scarce. So, the basic economic problem is what we can produce using limited resources with proper utilization.Most goods can be produced…

Production possibility curve is a graphical presentation of alternative production possibilities facing an economy. It is also known, as production possibility frontier. As our resources…