States the implicit cost concept briefly
States the implicit cost concept briefly.
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Implicit Cost: These costs are those costs that are not paid in cash to anyone. Implicit costs are not actually incurred, although are computed for decision-making purpose. Such are the costs that the entrepreneur pays to himself. For illustration, rent charged upon owned premises, interest on owned capital and wages of entrepreneur. This cost is also termed as imputed cost or hypothetical cost.
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When, for a specified output level, an absolute or perfectly competitive firm's price is less in that case its average variable cost, so the firm: w) is earning a profit. x) must shut down. y) must increase output. z) must increase price. Q : Elasticity of the Supply of Labor of This supply of labor worker is roughly unitarily wage elastic as the wage rate increases from: (1) $5 per hour to $10 per hour. (2) $5 per hour to $25 per hour. (3) $10 per hour to $25 per hour. (4) $10 per hour to $40 per hour. (5) $25.01 per hour to
This supply of labor worker is roughly unitarily wage elastic as the wage rate increases from: (1) $5 per hour to $10 per hour. (2) $5 per hour to $25 per hour. (3) $10 per hour to $25 per hour. (4) $10 per hour to $40 per hour. (5) $25.01 per hour to
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