Say's Law of Market
>> Tuesday, February 9, 2010
Lecture Series on Economics by Prof. Vinod Kumar.
Cost and its Main Concept Given in Micro Economics
>> Wednesday, May 27, 2009
Definition of Cost
Cost means all expenses which incurred for production and operation of business. Cost is importance because without calculating of cost, price of any product can not be calculated. Cost provides the information what price will be fixed after adding some margin. But in Cost accounting and economics, this concept is so important and a student of commerce should now every terms used in cost. After this he will able to calculate the price and making other cost policies to reduce cost and increase revenues.
Cost means all expenses which incurred for production and operation of business. Cost is importance because without calculating of cost, price of any product can not be calculated. Cost provides the information what price will be fixed after adding some margin. But in Cost accounting and economics, this concept is so important and a student of commerce should now every terms used in cost. After this he will able to calculate the price and making other cost policies to reduce cost and increase revenues.
Labels:
cost,
economics,
production
Why is the Marginal Cost curve “U” shaped?
Definition of Marginal Cost
Alfred Marshall invented the famous economics word marginal, it means, one more unit. If we produce one more unit of product, the changes in total cost are called marginal cost. The formula of marginal cost is
Alfred Marshall invented the famous economics word marginal, it means, one more unit. If we produce one more unit of product, the changes in total cost are called marginal cost. The formula of marginal cost is
Posted by
Vinod Kumar (Educator)
Labels:
cost,
economics,
production
Explain Clearly the Law of Variable Proportion and also Tells its Main Reasons
>> Tuesday, May 26, 2009
Law of variable proportion states that if we increase one variable resource of production for increasing output , then after some time total production will increase with decreasing proportion and marginal and average production will decrease. In simple world there is no substitute of any resource of production . Marshall says this law as law of agriculture but this law is universal in real sense.
Labels:
economics,
production
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