The theory of human capital was developed by Gary Becker and Theodore Schultz. Both of them were economists at the University of Chicago. Also... View Article
The main purpose of human capital formation is to bring about a change in the productivity of the population of a country or in other words,... View Article
Returns to scale refers to the rate at which the output changes when there is a proportionate increase in all the input factors. Also read:... View Article
Increase returns to scale occurs when the increase in output is more than the increase in input during the production process. Also read:... View Article
Increasing returns to a factor states that after reaching a certain capacity of utilisation, any increase in the factor of production will result... View Article
Decreasing returns to a factor states that after reaching a certain capacity of utilisation, any increase in the factor of production will result... View Article
Returns to the scale refers to the change in the output when all the factors of production are increased simultaneously in the same proportion.... View Article
Price elasticity of supply measures the relationship between the change in quantity supplied with the change in price. Also read: Price... View Article
The determinants of the elasticity of supply are as follows: No. of producers Ease of switching Ease of storage Spare capacity Length of... View Article
The supply of perishable goods cannot be increased or decreased as per will. Therefore, the supply of perishable goods is inelastic in nature.... View Article
The factors that affect the price elasticity of demand are as follows: Nature or type of good Availability of substitutes Proportion of... View Article
At values of less than 1 for price elasticity of supply, the supply is said to be inelastic. Also read: Price Elasticity of Supply Income... View Article
Price elasticity of supply has positive values. Also read: Price Elasticity of Supply Income Elasticity of Demand Formula Elasticity of... View Article
When the value of price elasticity of supply is more than 1, the supply is said to be relatively elastic. Also read: Price Elasticity of... View Article
Price elasticity of supply is said to be elastic when the value is 1. Also read: Price Elasticity of Supply Income Elasticity of Demand... View Article
The formula for calculating price elasticity of supply is as follows Price elasticity of supply, eS = Percentage change in quantity supplied /... View Article
