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.
Illustrates about the Barometric techniques?
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Illustrates the Objectives of managerial economics?
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An apparent monopoly might charge the competitive price in the long run when: (w) exit is costly. (x) entry and exit are relatively costless. (y) this is not a natural monopoly. (z) this is not regulated. Discover Q & A Leading Solution Library Avail More Than 1442914 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1950176 Asked 3,689 Active Tutors 1442914 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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