Question

Write short notes on the following:

i) Opportunity Cost
ii) Marginal Analysis
iii) Change in Demand
iv) Economies of Scale
v) Scarcity

Answer 1

Answer:
i) Opportunity Cost:
Opportunity cost is the loss of other alternatives when a particular alternative is chosen from the set of products.

ii) Marginal analysis
Marginal analysis is an examination of the extra benefits of an action compared to the extra costs caused by that same action. Companies utilize negligible investigation as a decision-making device to assist them maximize their potential benefits

iii) Change in demand
Change in demand is defined as the increase or decrease in the consumers' capacity to consume a particular good or avail the services. It can lead to increase or decrease in prices as well as change in the supply of the product.

iv) Economies of Scale
In Microeconomics economies of scale means the price advantage that a particular corporation gains due to their scale of operation on single unit of output decrease with increase of scale.

v) Scarcity
Scarcity is the restricted accessibility of a product, which may be in request within the showcase or by the commons. Shortage moreover incorporates an individual's need of assets to purchase commodities. The inverse of shortage is wealth

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