Isoquant: Definition and Properties
An isoquant (also known as an Equal Product Curve) is a curve that shows all possible combinations of two inputs, …
Microeconomics
Central Problems of an Economy
The scarcity of resources relative to human wants gives rise to various basic problems, issues, or questions that must be …
Law of Variable Proportion
The law of variable proportion occupies an important place in economic theory. This law examines the production function with one …
Slutsky Equation (Theorem)
A change in the price and income alters the consumer’s expenditure pattern. So to know the consumer’s expenditure pattern due …