Define the term full cost concept
Define the term full cost concept.
Expert
The concept of full costs comprises business costs, normal profits and opportunity costs. The opportunity cost comprises the expected earnings by the second best utilization of the resources or the market rate of interest upon the total money capital and as well the value of the entrepreneurs own services that are not charged for current business. So, normal profit is an essential minimum earning additionally to the opportunity cost that a firm should get to stay in its present occupation.
Explain the welfare definition of economics? Why is it criticized?
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Illustrates the opinion of Samuelson for explaining Law of Demand?
Illustrates the types of revenue?
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States the Extension and Contraction of Demand.
Illustrates the internal economies of scale?
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