Long Run Cost
Long run is long time period where a producer can change the level of output by changing all kind
Demand curve
The demand curve can be defined as locus of quantities of a commodity demanded at different possible prices. Each point
Factors determining the elasticity of Demand:
Degree of necessity: If goods are very essential then such goods? demand is inelastic. If they are not very necessary for human
Types of Demand
Price demand: Demand primarily dependent upon price is called price demand. This demand is sensitive or responsive to the change in price. In case of