Economics

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Economies and diseconomies of scale

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Scale of production: Large-scale production is a crucial aspect of modern industrial society. The size of business undertakings has significantly expanded as a result. There are some benefits to large-scale production that contribute to lower production costs. Large-scale production-related economies can be divided into two categories: internal economies and external economies.  Internal economies are those […]

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Economics
Singhvi Online

Supply – Meaning and Introduction

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Supply is defined in economics as the total amount of a particular product or service a supplier provides to a consumer at a particular time and price level. It is usually determined by market movements. Sellers of goods and services constitute the supply side in a market economy. We know that the term “demand” refers to the quantity of a good or service that consumers are

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Economics

Indifference curve Analysis:

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Indifference curve Analysis: The ordinal utility approach is a very popular alternative and a more realistic way to describe customer demand. This approach uses a different tool, namely the indifference curve, to analyze consumer behavior and is based on consumer preferences. The approach is based on the belief that since human satisfaction is a psychological

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Economics
Economics

Total Outlay | Advertising | Cross price Elasticity

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Total Outlay Method of calculating price elasticity: The total expenditure or outlay made on it and the price elasticity of demand for that commodity are significantly related to each other. We can say that the price elasticity and total revenue received are closely related to one another because the total expenditure (price of the commodity

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Economics
Economics Interpretation

Interpretation of elasticity of demand: Brief Overview in all Aspects

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Based on values of price elasticity, economists have found it useful to categorize distinct types of demand behavior. Since we draw demand curves with quantity on the horizontal axis and price on the vertical axis,∆Q/∆P = (1/slope of curve). As a result, demand is less elastic for any given price and quantity combination, the steeper

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Economics
Elasticity of Demand - Price Elasticity of demand

Concept of Elasticity of demand & price elasticity of demand

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Concept: The law of demand has an inverse relationship with its price, i.e., as the price rises, the quantity demanded decreases and vice versa. However, it is very important to understand the extent of the relationship or the degree of responsiveness of demand to change in its determinants. I.e., how sensitive is demand to its

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Economics
Business Economics - Singhvi Online

Let’s learn about business cycles to enhance your theoretical knowledge of business economics

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Business economics is an area of applied economics that examines business enterprises, the variables influencing the variety of organizational structures, and the interactions between businesses and the labor, capital, and product markets using economic theory and quantitative tools. Similar to how people go through different stages of life, practically every firm goes through several stages

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Economics
Singhvi Online Economics of Budget & Cost Management

Production Optimization Using Isoquants and Isocosts Curves

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Production Optimization: Generally, a profit-maximizing firm wants to determine which combination of factors of production (or inputs) would minimize its cost of production for a given output. This can be known by combining the firm’s production and cost functions, namely isoquants and iso-cost lines, respectively. Let us understand what we mean by isoquants. Isoquants: An

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Economics