Tag Archives | Competitive Firm

Price and Output Determination | Economics

The equilibrium conditions of an individual firm under perfect competition are to be studied under two heads. They are: 1. Short-Run Equilibrium 2. Long-Run Equilibrium. 1. Short-Run Equilibrium: A short period has two major characteristics: (a) Fixed production scale: In the short period a firm cannot change its scale of production. It has to increase its supply by utilising fully [...]

By Nipun S|2017-01-13T05:58:20+05:30January 13, 2017|Competitive Firm|Comments Off

Relation between TR, AR and MR Schedule | Firm

In this article we will discuss about the relation between TR, AR and MR with the help of Tables 3.1 and 3.2. In Table 3.1, presented TR, AR and MR schedules (hypothetical) of a competitive firm. Remember that, under perfect competition, the firm can sell more or less any quantity of its product at the price determined in the market, [...]

By Vanshika Ghosh|2016-09-17T16:00:18+05:30September 17, 2016|Competitive Firm|Comments Off