How Long Run Marginal Cost Curve is Derived from the Short Run Marginal Cost Curves?

Essays
The long run marginal cost (LMC) curve shows the minimum amount by which cost is in­creased each time, when output is increased or the maximum amount of total cost that can be reduced, when output is reduced.LMC curve is derived from the short run marginal cost (SMC) curves by considering the points of intersection of the SMCs, with vertical lines drawn from the points of tangency of corresponding SAC and LAC curve to the X-axis. This is illustrated in Fig. 9.14, where initially LAC curve is drawn through short- run average cost (SAC) curves. For the sake of simplicity, only three SAC curves have been considered.In the long run, if the firm wants to produce OQ, output, it will choose the plant corre­sponding to SAC1. For this level of output,…
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What is the Relationship between Average Cost and Marginal Cost? – Explained!

Law
Both marginal cost (MC) and average cost (AC) are derived from the total cost. They bear unique relationship. The relationship between MC and AC can be stated as under:(i) When AC falls with increase in output, MC is lower than AC, i.e., MC curve lies below the AC curve. However, it is not necessary that MC should fall throughout this stage. Actually, MC rises earlier than AC.(ii) When AC rises with increase in output, MC is higher than AC, i.e., MC curve lies above the AC curve. ADVERTISEMENTS: (iii) At the level of optimum output, average cost is minimum and constant. Here, MC stands equal to AC, i.e., MC pulls AC horizontally.(iv) At zero level of output both AC and MC are indeterminate. Image Source: i.ytimg.com ADVERTISEMENTS: It brief, it…
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What is Economic Region of Production? – Explained!

Business
Generally, isoquants generated by the production functions are negatively sloped, non intersecting and are convex to the origin. Further, higher isoquants represent higher level of production. In Fig. 7.8(a), the production functions are depicted in the form of a set of isoquants, which have positively sloped segments also.Here, one factor has positive marginal product while the other factor has negative marginal product. The oval shape of isoquant means that beyond a certain point, employment of an additional unit of a factor will necessitate employing additional units of the other factor to produce the same level of output.Consider isoquant IQ1 in this figure. Here, A1B1 segment of the isoquant has a negative slope. However, beyond points ‘A’ and ‘B’, this isoquant is positively sloped (either bends backwards or slopes upwards). At…
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Caste and Kin in Central India – written by A.C. Mayer

Languages
In his book Caste and Kin in Central India, A.C. Mayer has reported his study of Ramkhedi village of Malwa. He has described the primary and secondary kin of the village families. The primary kin consist of mother, father, brother and sister whereas marital kin such as brother’s wife, mother-in-law and others. Mayer’s study describes only the kin found in a patriarchal descent group. He does not make any theoretical attempt to compare the Ramkhedi findings to the find­ings of other anthropologists. In short, it is obvious that kinship studies in India have been very restricted. What is conspicuous is that no micro or village study has been made of the Indian tribals. The only study which has wider im­plications is that of Iravati Karve. We, therefore, make a comparative…
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Short essay on the difference between Lineage and Clan

Identity
The basic difference between a lineage and clan is that the former is ac­tual and real while the latter is fictitious. If we refer to the case of feudal rulers we find that each ruler had his genealogy which was up­dated by bards. Similarly, the Hindus have their own genealogies which are maintained by the priests. Genealogies thus constitute the record of the previous generations. However, it is difficult to trace the ancestor who gave rise to a clan; therefore, the originator of a clan is lost in oblivion. John Lewis defines lineage as below: Lineage is a group resulting from descent reckoned either from the father’s or the mother’s line. Whereas in a clan relationship it is as­sumed, in a lineage group it must be demonstrated, that is, the…
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Short Essay on Primitive Economic System

Globalization
Social anthropologists have dealt with primitive economy in a very scant way. There is no dearth of literature pertaining to tribal ethnog­raphy, particularly by the British anthropologists. But all of them have looked at tribal economy in a very restricted way. They are mile­stones in the literature on social anthropology, but the economic life of the tribals has been totally ignored. Indian social anthropologists followed the British pattern. D.N. Majumdar, the doyen of social anthropology, has altogether neglected a separate discussion on tribal economy. Quite like Malinowski and other British counterparts, he links economy with habitat and society. Image Source: upload.wikimedia.org ADVERTISEMENTS: Then, M.N. Srinivas came out with Religion and Society among the Coorgs. He has also not mentioned anything about the economic proc­esses of production and distribution. Srinivas was…
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Short Essay on the economic system of Indian tribes

Industry
Tribals all over the country are at various stages of development. There are food gatherers, pastorals and agriculturalists. The Bhotias, a tribal group of Himalayan foothills, practice animal husbandry. Dur­ing the winter season, they climb down to the plains and return when the winter is over. They continue to deal in spices. The women make money by weaving woolen shawls. The Todas of Nilgiri hills place great emphasis on the buffalo. One, who owns a large herd of buffa­loes, wields a lot of status and power. Besides keeping buffaloes, wherever possible, they practise agriculture also. The practice of shifting cultivation is now banned all over the country. It was known by different names. At some places it is called jhoom agriculture; the Mairyays call it penda it is called pondu…
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The Social and Cultural Change in Tribal India – Essay

Globalization
In the presidential address to the Indian Sociological Society (1994), Yogendra Singh observed: Major occupational and techno-cultural changes have taken place in our society due to the political, social and economic developments. These changes have promoted linkages and interactions among castes, tribes, religious groups and cultural regions. We notice signifi­cant magnitude of the spread effect of these cultural changes across regions and ethnic boundaries. These developments have, however, also reinforced people’s self-consciousness and narrow cultural identi­ties organized on principles of ethnicity, religion, caste, language and region. The process of cultural integration on a national scale has grown but with simultaneous increase in search for cultural auton­omy. Image Source: assets.survivalinternational.org ADVERTISEMENTS: At-the empirical level we find that the tribals have become con­scious of the fact that their ethnic identity is invaded…
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Free sample essay on Tribals of India

Development
Tribal insurgency in the north-east, along with the upheaval in the Bastar area of Madhya Pradesh, made it quite clear that we should think over seriously the situation of tribals as a whole. It appeared that there was something wrong in our understanding of the tribals. It is a fact that the non-tribals and especially the caste Hindus suffer from prejudices against the tribals. There has been serious discrimination of tribals by the non-tribals. For long, the non-tribals have been cherish­ing the notion that the tribals are a savage lot and there is little scope for development among these people. The need to concentrate on tribals became all the more serious when in 1950 we took to Community Development Programmes. The Constitution of India brought out a new set of…
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