By TopicBin .
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5 min read .
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This article resorts to explain in much clear manner the Ricardian theory of rent. Before starting this article, we recommend first being familiar with the concept of land rent and economic rent (Click Here to Read), which will make your learning journey easier and smoother.
By TopicBin .
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9 min read .
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Before explaining economic rent, it is better to explain the different uses of term rent in different time phases. I think it will be more helpful to fully understand the meaning of land as used in the economic profession. So, let's first know what the
By TopicBin .
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3 min read .
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Say's law of the market is a very famous classical theory of employment. It is said that Say's law of market and the quantity theory of money are the two building blocks of the complete classical theory of income determination. Say's law of market explains
By TopicBin .
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6 min read .
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In our earlier post, we discussed the profit-maximizing conditions of a single-product firm. But in the real world, the business firm produces more than one product. In this post, we will discuss the profit-maximizing conditions of a multi-product firm. Also, note that the equilibrium of
By TopicBin .
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6 min read .
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In economic literature, we consider profit maximization is the main goal of any business firm or a rational producer. When we talk about the profit maximization objective, we are implicitly referring to the economic efficiency rather than technical efficiency. Technical efficiency does not consider the
By TopicBin .
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4 min read .
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In our earlier posts, we have explain about the production function and law of variable production. If you are yet to read, then you can find them here - meaning of production function and law of variable production. Now here in this post, we
By TopicBin .
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9 min read .
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This article tries to explain the meaning of the isoquant curve, its assumptions, and its properties. Also, it will describe the marginal rate of technical substitution and economic region of production possibly in a detailed and obvious manner. In addition, I request you to
By TopicBin .
Updated .
6 min read .
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This is an article on what the law of variable proportion is all about. You will learn the core concept of this very famous production theory in economics. Before reading this article, we recommend you read through the fundamental concept regarding production and production function,