Economics 5
Explain the Subsistence theory of wages.
Introduction: The subsistence theory of wages originated by the French economist in the 18th century and…
Write a note on Risk bearing theory and Uncertainty theory of profit?
Risk bearing theory of profit: This Theory of risk bearing was put forwarded by American economist…
Write a note on loanable funds theory.
Introduction: According to classical economist the rate of interest is the price paid for the use…
Explain the concept of Quasi rent.
The concept of quasi rent was first introduced by Marshall. He explained that besides land, other…
Explain the Marginal productivity theory of wages.
Introduction: The Marginal Productivity Theory of Wages is an economic theory that explains how wages are…
Explain the modern theory of rent?
Introduction: Ricardo was of the opinion that rent arises due to differences in the fertility of…
Explain the cost concepts under short-run and a long-run.
Meaning: In general terms cost refers to an amount to be paid or given up for…
Explain the Types/concepts of Revenue.
Meaning: In economics, revenue refers to the total income generated by a firm from selling goods…
Explain briefly the law of Returns to Scale.
Introduction: Long run behavior of a firm is explained in terms of returns to scale that…
Explain the types of utility.
Meaning: Utility is a concept used in economics, philosophy, and other disciplines to describe the satisfaction…