States the implicit cost concept briefly
States the implicit cost concept briefly.
Expert
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.
Workers tend to be less productive at the margin like they work along with increasingly huge amounts of: (w) physical capital. (x) personal human capital. (y) technology which makes them narrow specialists. (z) labor from other people on an assembly line.
Agricultural productivity within Massachusetts Bay Colony increased while Native Americans showed Pilgrims how crops grow faster and better when rotten fish are dropped in along with newly-planted seeds. This new knowledge for the Pilgrims was an illustration of: (1)
Illustrates the Scope of Managerial /Business Economics?
What are the external factors in governing prices?
Where managerial economics treat as a tool? Answer: Managerial economics is like a tool for decision making and forward planning.
This supply of labor of worker is perfectly inelastic at point: (w) point a. (x) point b. (y) point c. (z) point d. Q : Illustrates the economies of scale are Illustrates the economies of scale are categorization?
Illustrates the economies of scale are categorization?
When the income effect of a higher wage rate is extremely powerful in that case the substitution effect, the: (1) supply curve of labor will be positively sloped. (2) demand for leisure increases like income rises. (3) human capital effect is stronger
Illustrates the responsibilities of managerial economists?
Explain the Trent projection statistical method of Demand Forecasting.
18,76,764
1924644 Asked
3,689
Active Tutors
1434893
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!