Micro Economics – Introduction Notes

Micro Economics is a branch of economic analysis that studies the economic behaviour of an individual unit, it may be a person, household or a firm. Managerial Economics refers to integration of economic theory with business practices and application of economic tools for management of a business. According to Spencer and Siegelman, “Micro Economics is the integration of economic theory […]

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Types of Cost / Classification of Costs

What is Cost? It refers to the monetary expenditure which a firm has to incur in order to purchase or hire the factors of production. It is the expense of purchasing or hiring factor services for production and other business activities. Classification of Cost / Types of Cost There are various types of cost: On the basis of Nature of […]

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