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Ricardian Theory of Rent

This article resorts to explain in much clear manner the Ricardian theory of rent. Before starting this article, we recommend first be familiar with the concept of land rent and economic rent (Click Here to Read), which will make your learning journey more easy and smooth. Wish you all the

What is Economic Rent?

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 economic profession. So, let's first know what the term land refers to in economics. What

How does a Multi-product Firm Maximize its Profit?

Edgeworth Box

In our earlier post we have discussed about profit maximizing conditions of single-product firm. But in real world, business firm produces more than one product. In this post, we will discuss about the profit maximizing conditions of a multi-product firm. Also note that equilibrium of a firm equally means profit

Explanation of Law of Returns to Scale

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 are going to explain about