Law of Return scale: Law of returns scale explains the Long-run input output relationship ie;long run production function in which all the factors of production are variable. It explains how output changes when all factors of production are changed in the same proportion. For e.g, If both the inputs are doubled ,the output may be […]

Microeconomics- Business Decision making a)Explain the role of microeconomics in business decision making. Ans) The role of microeconomics in business decision making can be explained as under: 1) Opt

Cardinal Utility Approach Very Short Questions Define utility. Ans) Utility is defined as the wants satisfying capacity of a commodity .In other words,it is the satisfaction obtained from the consumption of commodity. What do you mean by cardinal utility approach? Ans) Cardinal Utility approach is the method of analyzing utility which believes that utility is […]
Some very short questions of Introduction to Microeconomics 1)Define an economic theory. Ans) An economic theory is defined as a model along with the specified and empirical economic variables, concepts and facts used to explain and predict the changes. 2).List out the elements of well defined economic theory. Ans)  The elements of well defined economic […]
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