Tag: Microeconomics

Foundations of Economics: The Law of Scarcity

by discusseconomics

Foundations of Economics: The Law of Scarcity Most of the basic laws of economics focus on ways to efficiently build wealth and prosperity over time.  But there are important financial concepts that turn this problem in the other direction, instead choosing to focus on the effects that a lack of available resources can have on … Continue reading Foundations of Economics: The Law of Scarcity

Microeconomics Cost Formulas

by discusseconomics

Here is a list of some of basic microeconomics formulas pertaining to revenues and costs of a firm. Remember when you’re using these formulas there are a variety of assumptions, namely, that the the firm is profit-maximizing (making as much money as they can.) Here are total cost formulas, average variable, marginal cost, and more, … Continue reading Microeconomics Cost Formulas