What is Economics
A price ceiling can be defined as the price that has been set by the government below the equilibrium price and cannot be soared up above that. A price floor is said to exist when the price is set above the equilibrium price and is not allowed to fall.
In economics, Market failure occurs when there is an imbalance in the quantity of a product demanded and supplied, which leads to an inefficient allocation of resources.
Market power define as the ability of an organization to raise the market price of a good or service over marginal cost to achieve profits.
Market structure can be defined as a group of industries characterised by number of buyers and sellers in the market, level and type of competition, degree of differentiation in products and entry and exit of organisations from the market.
Revenue is the total amount of money received by an organisation in return of the goods sold or services provided during a given time period.
Economies of scale refer, as a firm expands its production capacity, the efficiency of production also increases. It is able to draw more output per unit of input, leading to low average total costs.
Long run cost refers to the time period in which all factors of production are variable. Long-run costs are incurred by a firm when production levels change over time.
Short Run Cost refers to a certain period of time where at least one input is fixed while others are variable. In the short-run period, an organisation cannot change the fixed factors of production.
10 Types of Costs - Opportunity, Explicit, Implicit, Accounting, Economic, Business, Full, Fixed, Variable, Incremental.
Types of Production Functions: 1. Cobb Douglas, 2. Leontief 3. Constant elasticity substitution (CES) production function.
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