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08
Jun

Profit Maximization Assignment help !

Profit maximization is a process by which a firm determines the price and output of a product that yield the greatest profit. A producer’s equilibrium is a situation in which he maximizes his profits and minimizes his loss. There are two methods for determination of Producer’s Equilibrium: Total Revenue and Total Cost Approach (TR-TC Approach) Marginal Revenue and Marginal Cost Approach (MR-MC Approach)   # CONCEPT OF COST : In order to produce goods, a firm uses various inputs such as raw material, land, labour, capital etc. The expenditure incurred on these inputs is known as cost of production. Any cost incurred in…

07
Jun

Supply & Demand Analysis !

INTRODUCTION : Economics is all about human behavior, concerned with allocation of scare means in such a way that consumers can maximize their satisfaction, producers can maximize their profits and society can maximize its social welfare. It is broadly classified into two parts : Micro economics Macroeconomics Microeconomics studies economic relationships or problems at an individual level whereas Macroeconomics studies economic relationships and and problem at level of economy as a whole. Despite being different branches of economics, both are interrelated to each other. SUPPLY AND DEMAND ANALYSIS : In microeconomics, supply and demand are the important determinants of market. In…

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