Explain the money cost concept briefly
Explain the money cost concept briefly.
Expert
Money Cost: It implies the total money expenses incurred through a business firm upon the different items entered in the production of an exact product. For case in point, money payments made upon wages and salaries to managerial and workers staff, payments for raw materials purchased, expenses upon light and power, transportation, insurance, advertisement; as well as payments made on the buy of machinery and equipments and so forth constitute money cost of production. This type of cost concept is also termed as nominal cost.
Increases within the wage rate all the time: (w) lack impact on the relative price of leisure. (x) increase the relative price of leisure. (y) decrease the relative price of leisure. (z) increase the quantity of individual labor supplies.
Diminishing returns to labor or questions of monitoring and coordination start to overwhelm any gains by specialization and division of labor within this graph at: (1) point a. (2) point b. (3) point c. (4) point d (5) point e.
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
Completing your degree is probably to be a significant signal which will help you secure a well-paid job along with a bright future if potential employer: (1) want to ensure that job applicants have already obtained important amounts of specific human capital. (2) use
A firm is probably to reduce the number of workers this employs when there are: (i) reductions in the wage rate. (ii) increases in the price of the output. (iii) accumulations of specific training from workers. (iv) technological advances which encourage automation. (
Illustrates the types of Demand Forecasting?
The substitution consequence on labor supply decision of an individual is more powerful than the income effect while: (1) higher wage rates result within increased hours worked. (2) cuts in wage rates yield discouraged worker effects. (3) the supply c
Illustrates the role of cost in pricing?
States the implicit cost concept briefly.
Explain the modern definition of economics?
18,76,764
1937430 Asked
3,689
Active Tutors
1438462
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!