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.
The value of marginal product of a variable resource is marginal physical product of it multiplied with: (w) the marginal revenue from the sale of its addition to output. (x) its cost. (y) the price of the product. (z) one.
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The individual household within a purely competitive labor market as: (w) has a perfectly elastic supply of labor at the market wage. (x) has a perfectly inelastic supply of labor at the market wage. (y) faces a perfectly elastic demand for its labor
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