Microeconomics

Major Properties of the Cobb-Douglas Production Function

5 Comments / Microeconomics, Study Materials / By Enotes World

In this article, we explain the major properties of the Cobb-Douglas production function Introduction to Cobb Douglas Production Function The Cobb-Douglas production function is an empirical production function developed by Charles W. Cobb (American Mathematician) and Paul H. Douglas (American Economist) based on empirical studies of various manufacturing industries of the USA. This production function …

Major Properties of the Cobb-Douglas Production Function Read More »

The Laws of Returns to Scale

Leave a Comment / Microeconomics, Study Materials / By Enotes World

Introduction The laws of returns to scale explain the input-output relationship under the condition that both the inputs (labor and capital) are variable and their quantity increases proportionately (by same size or proportion) and simultaneously. When both the inputs labor and capital are increased proportionately, the scale or volume of production also increases. So, the …

The Laws of Returns to Scale Read More »

Law of Variable Proportion

Leave a Comment / Microeconomics, Study Materials / By Enotes World

Introduction The law of variable proportion is a widely observed law of production that takes place in the short run. The law was propounded by economists like Joan Robinson, Alfred Marshall, P.A. Samuelson, etc. This law is also known as the law of diminishing returns. The law is concerned with a short-run production function. …

Law of Variable Proportion Read More »

Factors Affecting Price Elasticity of Demand

Leave a Comment / Microeconomics / By Enotes World

In this article, we have explained different factors affecting the price elasticity of demand The value of price elasticity of demand is based on so many factors and such factors are collectively called determinants of price elasticity of demand. If the magnitude of price elasticity of demand is greater than one then the demand is …

Factors Affecting Price Elasticity of Demand Read More »

The Law of Substitution

Leave a Comment / Microeconomics / By Enotes World

Introduction German economist H.H. Gossen developed his second law as the law of substitution or the law of equi-marginal utility/the law of maximum satisfaction in 1854 AD. This law is further developed and popularized by Prof. Alfred Marshall. According to this law, the consumer allocates her/her limited money income among various goods for getting maximum …

The Law of Substitution Read More »

Law of Diminishing Marginal Utility

Leave a Comment / Microeconomics, Study Materials / By Enotes World

In this article, we tried to explain the law of diminishing marginal utility Introduction The Law of Diminishing Marginal Utility was originally formed by German economist Hermann Heinrich Gossen in 1854. So, the law is also known as the first law of Gossen. It was systematically formulated and made popularized by Alfred Marshall in his …

Law of Diminishing Marginal Utility Read More »

Total Utility, Marginal Utility, and their Relationship

Leave a Comment / Microeconomics, Study Materials / By Enotes World

Concept of Cardinal Utility: Total Utility and Marginal Utility In this article ‘total Utility, marginal Utility, and their relationship’, we try to explain the meaning of total utility, marginal utility, and the relationship between marginal utility and total utility In economics, the term utility refers to ‘the pleasure or satisfaction that individuals get from their …

Total Utility, Marginal Utility, and their Relationship Read More »

Meaning and Types of the Production Function

Leave a Comment / Microeconomics, Study Materials / By Enotes World

Meaning of the Production Function The technical process that links inputs to the output of a good is known as the production function of that good. It is defined as the technological relationship between inputs and output giving the maximum output that can be produced from various input combinations. The production function analyses the relationship …

Meaning and Types of the Production Function Read More »

Production, Total Product(TP), Average Product(AP), and Marginal Product(MP)

Leave a Comment / Microeconomics, Study Materials / By Enotes World

Meaning of Production In economics, production means the creation of utility for sale. The act of creating utility is done by transferring a set of inputs into some output of good or service. The output has a greater utility than the inputs together. Thus, output or new product created is sold in the market. If …

Production, Total Product(TP), Average Product(AP), and Marginal Product(MP) Read More »

Types of Demand

Leave a Comment / Microeconomics, Study Materials / By Enotes World

The willingness to buy a commodity or a service for which necessary resources are available is known as demand. Both desire and resourcefulness are essential requirements for demand. An individual or a family will have demand for several things like food, house, computer, clothes, medicine, car, education, health care, entertainment, and so on to satisfy …

Types of Demand Read More »

M	T	W	T	F	S	S
						1
2	3	4	5	6	7	8
9	10	11	12	13	14	15
16	17	18	19	20	21	22
23	24	25	26	27	28	29
30	31

Cookie	Duration	Description
cookielawinfo-checbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.

Major Properties of the Cobb-Douglas Production Function

The Laws of Returns to Scale

Law of Variable Proportion

Factors Affecting Price Elasticity of Demand

The Law of Substitution

Law of Diminishing Marginal Utility

Total Utility, Marginal Utility, and their Relationship

Meaning and Types of the Production Function

Production, Total Product(TP), Average Product(AP), and Marginal Product(MP)

Types of Demand

Join Our Facebook Community

Follow Us

Quick Links

More about

Add eNotes World on your Pocket!