Explain the cost concepts briefly
Explain the cost concepts briefly.
Expert
The phrase cost simply means cost of production. This is the expenses incurred within the production of goods. This is the sum of all money-expenses incurred through a firm so as to produce a commodity. Therefore this includes all expenses by the time the raw material is bought until the finished products reach the wholesaler.
Labor’s physical productivity based most directly on technology and the: (w) tastes and preferences of consumers. (x) transactions demand for money. (y) prices and availability of the other resources. (z) level of per capita income.
Explain the marginal input-output relationship in short run and long run.
A firm maximizes profit through hiring labor at the point where labor’s: (1) marginal physical product equals its average physical product. (2) marginal revenue product equals its marginal resource cost. (3) rate of exploitation is greatest. (4)
What is Oligopoly? Explain in brief.
A supply of specialized labor tends to shrink while: (1) the social status of that field rises. (2) an increase in income expectations happens. (3) employment stability increases and training costs decrease. (4) wages rise into a field using similar s
What are the certain assumptions in production functions?
Job applicants make use of polished resumes explaining education, work experience and skills, accompanied from supportive letters of recommendation letters like tools in a process economist’s call: (1) adverse selection. (2) signaling. (3) human
Illustrates the managerial Economics according to Michael Baye? Answer: In the words of Michael Baye as this term Managerial Economics is the study of how to directl
When a firm hires an additional worker who adds $100 worth of output daily, and adds $50 daily to the firm’s costs, in that case the firm must: (w) hire more labor. (x) hire less labor. (y) not change its employment of labor. (z) sell off some o
Disadvantaged groups have historically been pressured toward low wage jobs in a procedure termed as: (1) occupational crowding. (2) labor staggering. (3) systemic discrimination. (4) reverse favoritism. (5) nepotism. Discover Q & A Leading Solution Library Avail More Than 1451155 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1934510 Asked 3,689 Active Tutors 1451155 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
18,76,764
1934510 Asked
3,689
Active Tutors
1451155
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!