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.
what is exceptional demand curve and its explanation?
Explain the chief characteristics of managerial or business economics.
When an economic alteration makes one person better off whereas no one else is affected, then this is: (w) efficient to make the change. (x) traumatic to make the change. (y) neither good nor bad for society. (z) strictly a positive value judgment to
Automation is the process of: (1) adapting equipment which is safer for workers to operate. (2) kinetic engineering which smoothes flows of work on an assembly line. (3) scientific management of robotic factories. (4) substituting sophisticated machin
Illustrates the real concept briefly?
Rigid enforcement of “equal-pay-for-equal-work” law would: (w) raise the wage of minority workers who had been discriminated against. (x) lower the wages of “favored” non minority workers who had received higher wages before. (
What are the types of elasticity of demand?
Illustrates the plethora of definitions regarding subject matter of economics?
Explain the assumptions of Law Diminishing Returns.
What are the trade types of cycle distinguished by Schumpeter?
18,76,764
1922024 Asked
3,689
Active Tutors
1419314
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!