Introductory Microeconomics

Demand and Supply Curve of a Firm for an Input The market input demand curve is obtained by a lateral summation of all the individual […]

Input Price under Perfect Competition and Imperfect Competition Wages under Perfect and Imperfect Competition Under perfect competition, the equilibrium wage rate is determined where demand […]

Input Pricing under Bilateral Monopoly Meaning of Bilateral Monopoly: Bilateral monopoly refers to a market situation in which a single producer (monopolist) of a product […]

Wage Differential All the theories of wages (or labour) in general assume that labour is homogeneous. In this case, the price of labour tends to […]

Meaning and types of factor prices The meaning and types of factor prices are explained below:- Factor pricing is associated with the prices that an […]

Price Discriminations Charging different prices to different consumer for the same product is termed as price discriminations. This type of pricing is possible mainly in […]

Price and output determination-Imperfect Competition The Price and output determination-Imperfect Competition is explained below: a) Monopolistic Market b) Monopoly market c) Oligopoly market Characteristics of […]

Price and output determination-Perfect Competition The Price and output determination-Perfect Competition is explained below. Perfect competition: A perfect market, also known as an atomistic market, is […]

Price and output determination (TR-TC Approach) Profit maximization of a firm TR-TC approach. The price and output determination under TR and TC approach is explained […]

Market Structure Perfect Competition- The situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of […]

The relationship between AR and MR are explained below:- The relationship between AR and MR can be explained in terms of the perfect market and […]

Short-run Total and Average Costs The Short-run total and average cost is the cost which has short-term implications in the production process, i.e. these are […]

Cost and the concepts of cost: The cost is the monetary value that has been spent by a company in order to produce something. In […]

Law of Return to Scale Returns to scale in the long-run concept of production theory. In the long-run concept of production theory. In long-run all […]

Iso-Quant An iso-quant is a locus representing different combinations of two inputs that yield the same level of output to the producer. It slopes downwards […]

The law of Variable Proportion: The law of variable proportion is also known as the law of diminishing returns. It is the law based on […]

Production: In general terms, production refers to the creation of new things but in the economic sense, it is the process of creation and addition […]

Concept of the market economy: The Market Economy is an economic system in which the decisions regarding production, investment and distribution are guided by the […]

Differences between microeconomics and macroeconomics: Microeconomics deals with the small components of the economy or the individual. It studies the behavior of individual units and […]

The basic economic issues arise from scarcity and choice.  Scarcity Scarcity refers to the limited supply of productive resources in relation to their demand. A […]

Difference between movement along and shift in the supply curve Movement along the supply curve is defined as the graphical representation of the change in […]

Difference between a movement along and shift in the demand curve              Movement along the demand curve is defined as the graphical representation of the […]