equi-marginal utility. Indifference curve approach: Consumer equilibrium, income, price and substitution of tacts. Law of demand, derivation of law of demand based on utility analysis and indifference curve analysis. Price elasticity of demand and its measurements. Concept of production function, Breakeven analysis, profit for casting in short run, law of variable proportion. Concept of cost and revenue, short run and long run cost curve, concept of total average and marginal revenue, relationship between…
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