This article is about short-run diminishing returns. It defines the concepts of short-run and long-run in Economics and explain the differences.
Posts tagged as “output”
To properly construct the Break-even Chart, we need to plot the curves that indicate Sales Revenue and Total Costs (TC). Use the following five rules.
Break-even Quantity shows the level of output that the business must produce and sell at which Sales Revenue equals Total Costs (TC).
Break-even Quantity shows the level of output that the business must produce and sell at which Sales Revenue equals Total Costs (TC).
What is meant by business activity? Business activity is the process of producing goods and providing services to satisfy consumer demand.