Explain the money cost concept briefly
Explain the money cost concept briefly.
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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.
A purely competitive firm which hires more workers while the value of the marginal product of labor increases above the competitively set wage rate will absolutely experience increases in its: (i) overhead costs. (ii) profit per unit.
Profit maximizing competitive firms will competitively hire supplied labor up to that point where VMP is: (w) is at its maximum. (x) equals the wage rate. (y) minus MRP is minimized. (z) minus W is at its maximum.
Illustrates the Law of Returns to scale?
States the term Production?
Along a supply curve for an individual’s labor, there the income effect tends to rise the: (1) supply of work as wages reduce the number of people a firm will hire. (2) demand for leisure as the wage rate and income raise. (3) l
What are the external factors in governing prices?
When the income effect of a wage increase is more powerful in that case the substitution effect, the: (1) labor supply curve will be “backward bending.” (2) unemployment rate will rise since more people will be available for work. (3) valu
When a firm gives substantial general training to specific workers: (i) it is probable to pay them a premium wage to cut labor turnover. (ii) the workers are likely to receive less pay than their VMPs after such training. (iii) the workers are most pr
Illustrates the types of Demand Forecasting?
This supply of labor of worker is perfectly inelastic at point: (w) point a. (x) point b. (y) point c. (z) point d. Discover Q & A Leading Solution Library Avail More Than 1455393 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1929267 Asked 3,689 Active Tutors 1455393 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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