Define explicit cost and implicit cost
Briefly describe the term explicit cost and implicit cost?
Expert
Explicit cost is the cost that is outside to the business such as rent, wage and materials. It gives obvious depiction of the cash outflow from business that is employed to reduce the end outcome of profitability. This straightly influences the revenue of the company. Implicit cost is the end result of one person who tries to satisfy his wants in search of an activity that gives no reward to him through money or any other form of payment. It consists of reimbursement and satisfaction. For instance: goodwill. It is not counted up in terms of money and it is indirect insubstantial cost.
Illustrate Economics for citizenship?
Nature and Scope of Economics: Introduction Economics is a social science that
“In the corn market, demand often exceeds supply and supply sometimes exceeds demand.” “The price of corn rises and falls in response to changes in supply and demand.” Among these 2 statements used correctly which in the terms “supply&rdq
The utilitarianism of Jeremy Bentham would clash most strongly along with the philosophic principles of: (w) the epicureans who followed the teachings of Epicurus [c. 341 to 271 BC]. (x) hedonism. (y) the Greek philosophers and mediev
Question: Some commentators have argued that the failure of the "Super committee" is good thing for the economy? Do you agree? Answer: The Super committe
Illustrate a fundamental characteristic of demand behavior?
9. The following table shows annual sales data for Stuff Happens, Inc., over the ten-year 1998-2008 period: Year Sales ($ Millions) 1998 $2.0 1999 2.2 2000 2.4 2001 2.6 2002 2.8 2003 3.0 2004 3.2 2005 3.5 2006 3.8 2007 4.1 2008 4.3 A. Calculate the 1998-2008 growth rate in sales using
Define the term Mixed Economy and also state their advantages and disadvantages?
Why private goods are produced through the market?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good. Answer:
18,76,764
1930743 Asked
3,689
Active Tutors
1452114
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!