IJTEM 2/2
Different Periods on Balance of International Payment
The balance of payments, also known as balance of international payments and abbreviated B. O. P. or BOP, of a country is the record of all economic transactions between the residents of the country and the rest of the world in a particular period of time (over a quarter of a year or more commonly over a year). The balance of payments is a summary of all monetary transactions between a country and rest of the world.
IJTEM 2/2
Different Variations of Cost Curve in Economics
In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve; and profit maximizing firms use cost curves to decide output quantities. There are various types of cost curves, all related to each other, including total and average cost curves; marginal ("for each additional unit") cost curves, which are equal to the differential of the total cost curves; and variable cost curves. Some are applicable to the short run, others to the long run. .
IJTEM 2/2
Marginal Cost & its Variation in Different Economy Scales
In economics, marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit; that is, it is the cost of producing one more unit of a good. Intuitively, marginal cost at each level of production includes the cost of any additional inputs required to produce the next unit. At each level of production and time period being considered, marginal costs include all costs that vary with the level of production, whereas other costs that do not vary with production are fixed and thus have no marginal cost. For example, the marginal cost of producing an automobile will generally include the costs of labor and parts needed for the additional automobile and not the fixed costs of the factory that have already been incurred. In practice, marginal analysis is segregated into short and long-run cases, so that, over the long run, all costs (including fixed costs) become marginal.
IJTEM 2/2
Marginal Utility & its Diminishing Methods
In this article we have shown what is marginal utility in economics and its diminishing method mathematically. Marginal utility is an economic concept and very important to the theory of economic sciences. So we selected this topic to describe it with the concept of economics and mathematics elaborately. At the beginning of this article readers will find the definition of marginal utility and at the middle of this article, readers will find it's diminishing method mathematically. The term marginal utility has a good impact in economics.