Define the term full cost concept
Define the term full cost concept.
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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 objectives of pricing policy and its aim.
Val Alvarado, an accountant, quit his $80,000 year job and bought an existing laundry through its earlier owner, he was Ricky White. The lease has five years stayed and needs a monthly payment of $4,000. Val's explicit cost amounts to $3,000 per month more than his
Does managerial economics as a tool for decision making? Explain this term.
Give a brief introduction of the term P/V ratio and Contribution?
Illustrates the term economic cost concept briefly?
If the wage rate increases from $10 per hour to $25 per hour, then the elasticity of the supply of labor from this worker is roughly: (1) zero. (2) 7/15. (3) one. (4) minus 8/15. Q : Define the term unitary elastic Define Define the term unitary elastic.
Define the term unitary elastic.
What did professor Marshall illustrates about Law of Demand? Answer: According to Marshall “the amount demanded raises along with reduces in price and diminish
The theory which the economic rent on agricultural land depends upon how much extra production is gained relative to the production which could be realized on land not rather worth cultivating is attributable to: (1) Johann H. von Thünen. (2) Ada
The arc elasticity of Plastibristle’s demand for labor in between point c and point d is approximately: (1) 0.375. (3) 0.545. (4) 0.833. (4) 1.200 (5) 2.000. Discover Q & A Leading Solution Library Avail More Than 1443888 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1923318 Asked 3,689 Active Tutors 1443888 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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