Category: 11th English Medium

MARKET The tern market refers not necessary to a place but always to a commodity and the buyers and sellers who are direct competition with one another.   PERFECT COMPETITION Perfect competition is a market situation in which no seller Read More …

SUPPLY supply of a commodity refers to a various quantities of a commodity that the producers are willing to sell at different prices of the commodity at a point of time.   STOCK Stock of a commodity refers to the Read More …

Meaning of profit Profit refers to the excess of receipts from the sale of goods over the expenditure incurred on producing them.   Producer’s equilibrium Producer’s equilibrium refers to that price and output combination which brings maximum profit to the Read More …

REVENUE Revenue of a firm is its sale receipt or money receipt from the sale of a product.” For example, if a firm gets Rs 16,000 from sale of 100 chairs the amount of Rs 16,000 is known as revenue. Read More …

MEANING OF COST OR PRODUCTION COST Money expenditure incurred by a firm in production of a commodity is called the cost of production.   COST FUNCTION A cost function studies the functional relationship between cost and output   SELLING COST Read More …

CONCEPT OF PRODUCTION FUNCTION Production function is an expression of the technological relationship between physical inputs and physical output of a commodity.   PERIOD IN PRODUCTION VERY SHORT PERIOD SHORT PERIOD LONG PERIOD   Variable factors and Fixed factors Variable Read More …

DEFINATION OF ELASTICITY OF DEMAND “The elasticity of demand measures the responsiveness of the quantity demanded of a good, to change in its price, price of other goods and changes in consumer’s income.”   PRICE ELASTICITY OF DEMAND: “The price Read More …

DEMAND: Demand is the quantity of a commodity that a consumer is willing and able to buy, at each possible price during a given  period of time.”   DEMAND CURVE: A demand curve is graphical representation showing different quantities of Read More …