Introduction: Generally speaking the monopolist will not change uniform price for all the customers in the market he will follow different methods and the different circumstances. The price discrimination policy refers to the a seller
Introduction: In a perfect competition market structure, price and output determination occur through the interaction of demand and supply forces. Individual firms are price takers, meaning they accept the market price determined by the overall
Meaning: Elasticity of Demand refers to the responsiveness of the quantity demanded of a good or service to changes in factors that influence demand, such as price, income, or the prices of related goods. It
Introduction: The subsistence theory of wages originated by the French economist in the 18th century and was developed by Adam Smith. It received the support of British classical economics like Ricardo and Malthus. The German
Risk bearing theory of profit: This Theory of risk bearing was put forwarded by American economist professor Bernard Hawley in 1907 according to him profit is the reward for risk bearing. The theory explains like
Introduction: According to classical economist the rate of interest is the price paid for the use of capital. Loanable funds theory is an improved from classical theory. According to this theory rate of interest depends
The concept of quasi rent was first introduced by Marshall. He explained that besides land, other factors also get rent the only difference is that rent may accrue to land in the long run also
Introduction: The Marginal Productivity Theory of Wages is an economic theory that explains how wages are determined in a competitive labor market. The theory is based on the idea that employers will hire workers up
Introduction: Ricardo was of the opinion that rent arises due to differences in the fertility of land but the modern economist do not agree with him, they said that there is no  need to have
Meaning: In general terms cost refers to an amount to be paid or given up for acquiring any resources or services. in economics, cost can be defined as monitory valuation of efforts, material resources, time
