Economies of scale: Economies of scale refers to the situation where long-run average costs fall as the scale of production is increased. If all factor costs are constant, then increasing returns to scale...
We need to know Pareto improvement to understand Pareto Optimality/Efficiency. Pareto Improvement If we can find a way to make some people better off without making anybody else worse off, we have a...
Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided. Probably the most important reason for studying economics...
While going through lengthy texts, always write down, alongside, on a notebook. Not only will it help you make notes and better your writing speed, it'll help you retain the content for longer.