Based on consideration of time, microeconomic analysis can be divided into three types. Micro Statics/Micro Static Analysis Comparative Micro Statics/ Comparative Micro Static Analysis Micro Dynamics/ Micro Dynamic Analysis The detailed study material and video presentations are attached below. The Video Presentation
Economics is all about making rational economic decisions in a state of scarcity. Economics study how scarce economic resources are allocated.And economics also analyzes the forces and trends that affect the economy as a whole, including the growth rate of output, the rate of the population that cannot find work, the rate at which price …
Ten Principles of Economics BBS First Year Microeconomics Read More »
ContentUnit 2: Market Equilibrium and Efficiency
Business economics is a relatively new branch of economics developed in the 1950sBusiness economics refers to the application of economic theories, principles, and methods in the business or managerial decision-making process. It provides the base or criteria to the managers while solving the problems related to the allocation of scarce resources Business organizations face different …
Production possibility set refers to different possible combinations of two goods that can be produced from a given amount of resources and a given level of technologyProduction possibility curve or frontier (PPF) shows the various alternative combinations of goods and services that an economy can produce when the resources are all fully and efficiently employed. …
Unit 1: Introduction to Microeconomics Meaning of Microeconomics Generally, the subject matter of economics is divided into two main branches. They are microeconomics and macroeconomics. The terms ‘micro’ and ‘macro’ were first used in economics by Norwegian economist Ragnar Frisch in 1933. These terms were derived from Greek words ‘MIKROS’ and ‘MAKROS’ respectively which refers …
ContentMeaning, Features, Scope, Uses, and Limitations of Microeconomics Meaning of Microeconomics Generally, the subject matter of economics is divided into two main branches. They are microeconomics and macroeconomics. The terms ‘micro’ and ‘macro’ were first used in economics by Norwegian economist Ragnar Frisch in 1933. These terms were derived from Greek words ‘MIKROS’ and ‘MAKROS’ …
Meaning, Features, Scope, Uses, and Limitations of Microeconomics Read More »
Alfred Marshall in his famous work ‘Principles of Economics’ explained the concept of producer surplus. This concept measures the benefit that sellers receive from participating in the market. Therefore, producer surplus measures the welfare of the producer. Producer surplus is the benefit that producers receive over his cost of providing goods against what he is …
Arsène Jules Étienne Juvenel Dupuit introduced the concept of consumer’s surplus in 1844. It was further developed by Alfred Marshall in his famous book “Principles of Economics” in 1890. Prof. Boulding named it ‘Buyer’s Surplus”. In general, consumer surplus is realized in highly useful but relatively cheap commodities. Consumer surplus is defined as the difference …
The theories of product pricing are related to the determination of equilibrium price and quantity of output in the different market structures. The determination of price and output in different market structures is crucial for business decision-making as the success of the business is based on its decision regarding price and output. Here is the …
