The cost incurred by individuals or firms to provide goods or services, excluding external harms unless legally obligated.
A detailed entry on the concept of an isoprofit curve, its definitions, meanings, and applications in various economic frameworks.
A supply curve illustrating how supply increases with price up to a certain point before declining, often influenced by the interplay between the income and substitution effects.
A comprehensive exploration of counterfactual analysis within the field of economics, detailing its applications and significance in econometrics, macroeconomics, and microeconomics.
A demand curve depicting the inverse relationship between price and quantity demanded.
The ratio of proportional change in the relative quantities of two inputs used by a firm to proportional change in their relative prices, holding total output constant.
A detailed entry explaining the marginal rate of substitution, its importance, and its interpretation in economics.
The concept of marginal revenue and its role in economics
Exploration and understanding of market equilibrium, where supply and demand in a market are equal at the prevailing price.
Understanding the relationship between proportional changes in inputs and outputs in a productive process
Exploration of the term 'Adjustment' in economics, its definitions, applications, and contrasting perspectives.
A game theory concept illustrating gains from coordination and the difficulties in achieving it
The limit to expenditure for an economic agent based on the ability to finance it.
The process where one part of a company grows by taking sales from another part of the same company.
A detailed exploration of compensated demand, its definition, implications, and analytical frameworks.
Understanding the relationship between complementary goods or services in economics.
Understanding the concept of complementary goods, products or services that are often consumed together, enhancing each other's value.
A purchaser of goods and services for personal satisfaction or household use.
The excess benefit a consumer gains from purchasing a good over the amount paid for the good.
An externality affecting the utility level of one or more individuals due to another's consumption.
An exploration of cross-price elasticity of demand, its definition, applications, and implications within multiple economic theories.
Exploring the relationship between the demand for one good and the price of a different good, through the lens of cross-price elasticity
A graph relating demand for a good or service to its price, with key influences held constant.
A part of the price of goods sold on hire purchase or instalment credit that has to be paid immediately.
A person who makes rational decisions to achieve the most preferred outcome given constraints.
Elasticity of demand is the ratio between proportional change in quantity demanded and proportional change in price.
The elasticity of substitution characterizes the responsiveness of the ratio of quantities of two goods demanded to changes in their relative prices.
The ratio of the proportional rise in the quantity of a good supplied to a proportional rise in its price.
A curve showing the relation between income level and consumption of some good, at a given price.
Equilibrium price refers to the price at which the quantity of a good supplied is equal to the quantity demanded.
The quantity of a good supplied and demanded when the market price has reached a level where supply equals demand.
Exploration of the concept of exit price in economics, referring to the price below which firms are likely to leave an industry.
The minimum cost for a consumer of achieving a given utility level.
The absence of obstacles to leaving a market, ensuring that no firm will persist in a market where it isn't earning at least normal profit.
Definition and meaning of fundamentals in microeconomic theory
A fundamental concept in economics describing goods that have uniform properties and are identical in every unit.
Explanation of incentives as economic tools used to influence actions of economic agents through rewards or penalties.
The change in demand for a good whose price has altered which would have resulted if prices had stayed the same, but incomes had risen or fallen sufficiently to bring the consumer to the same level of welfare as after the price change.
The concept and application of the indirect utility function in Economics
An analysis and explanation of the industry supply curve in economics.
In a model with two factor inputs in production, a curve showing the combinations of inputs that have constant market cost.
A detailed explanation of the isoquant curve in economics, illustrating its meaning, historical context, and major analytical frameworks.
An overview of joint profit maximization within collusion contexts.
Understanding the concept of marginal benefit in economics - the additional benefit from an increase in an activity.
The increase in private benefit resulting from a marginal increase in an activity, excluding any external effects.
The increase in private cost resulting from a marginal increase in an activity, excluding any external effects.
A detailed entry explaining the marginal rate of substitution, its importance, and its interpretation in economics.
The concept of marginal revenue and its role in economics
Explanation of the economic concept of Marshallian Demand, its origins, definitions, and its relevance in economic analysis
Comprehensive overview of microeconomics, focusing on the decision-making processes of individuals and firms, economic equilibria, and the impact of government policies on economic outcomes.
The minimum level of any activity at which all known economies of scale have been exhausted.
An integration of neoclassical microeconomics and Keynesian macroeconomics.
A good whose consumption increases with income, encompassing both necessities and luxuries based on income elasticities of demand.
A market characterized by a small number of buyers, where each buyer's decisions affect the others.
A meticulous exploration of the concept of Perfect Substitute in economics, meaning and implications.
The ratio of a proportional change in one variable to that of another, measured at a specific point.
A comprehensive look at the term Price-Maker and its implications in economics.
A firm that sets the price of a good or security, typically possessing some degree of monopoly power.
Definition and meaning of Producer Surplus in Economics
An exploration of the term 'product' in an economic context, covering production at various levels and related concepts.
Understanding product differentiation as a key element in non-price competition among firms.
An examination of the production function, which outlines the maximum output achievable with a given set of inputs.
Understanding the concept of Quantity Demanded in Economics
The quantity of a good supplied at a given price, tracing out the supply curve as prices change.
A detailed look at the concept of a representative firm in economics, its underlying assumptions, and analytical frameworks.
An exploration of the term returns and its various forms in economics, including constant returns to scale, decreasing returns to scale, increasing returns to scale, and returns to scale.
A form of price discrimination where different units of a product are sold at different prices, typically through bulk discounts and commodity-bundling.
A dictionary entry describing the concept and implications of a separable utility function in economics.
An equilibrium in which agents with different characteristics choose different actions.
A timescale over which some economic variables relevant for decision-making cannot be changed.
A pivotal concept in economics representing a price point below which a firm opts to halt production due to excessive losses.
An overview of stabilization policy and its applications in reducing economic fluctuations.
An in-depth examination of the Strong Axiom of Revealed Preference (SARP) within economic theory
The effect on the demand for a good when the price of another good increases, assuming constant utility.
A description of the U-shaped average cost curve in economics and its implications on production and cost structures.
Detailed exploration of the concept of utility maximization in economics, including its historical context, definitions, and major analytical frameworks.
A principle in consumer theory ensuring that a consumer's choices are consistent with a utility-maximizing behavior
