Dec 26, 20203 min readReturn to Scale - How It May Impact Disadvantaged Small BusinessesIn economics, decreasing returns to scale refer to what occurs when the output level of an enterprise increases as the output level of...
Dec 26, 20203 min readThe Law of Diminishing Marginal UtilityIn economics, the law of diminishing marginal utility refers to the law of diminishing returns. In simple terms, the law of diminishing...
Dec 26, 20202 min readUtility Analysis, Cardinal Utility Analysis, And Other Economic ConceptsCardinal utility analysis assumes that the cardinal utility of cash is unchanged and serves simply as a basis of utility. However, in...