Illustrates the private cost of production
Illustrates the private cost of production?
Expert
Private Costs:
It is the costs incurred by a firm in production a service or commodity. All the real costs incurred through a firm or producers are private costs. These costs include explicit cost and implicit cost both. Private costs should be borne by only those persons or firms who that make decision. Such do not include the effect of the produced commodity upon the society.
A firm which is a price taker in the labor market will hire labor to the point where the wage rate is equals labor’s: (w) average output. (x) marginal revenue product. (y) average revenue product. (z) marginal physical product.<
At any price of, the demand for a resource is fewer elastic the: (w) easier this is to substitute other resources for this. (x) harder this is to substitute other resources for this. (y) more elastic the demand for the output this produces. (z) greate
Rigid enforcement of “equal-pay-for-equal-work” law would: (w) raise the wage of minority workers who had been discriminated against. (x) lower the wages of “favored” non minority workers who had received higher wages before. (
Explain the marginal input-output relationship in short run and long run.
A change in a derived demand is best demonstrated while there are increases in: (1) sales of roasted peanuts during baseball season. (2) new car sales during economic downturns. (3) orders for new capital throughout economic booms. (4) beef prices when cowboys unioniz
State the causes for downward sloping of demand curve?
When a firm is a price taker in the sale of its product, in that case labor’s: (w) ARP (Average Revenue Product) = MRP. (x) ARP = VMP. (y) VMP > MRP. (z) VMP = MRP. Can someone explain/help me with best so
What did professor Hidbon illustrates about Demand?
Screening and signaling are attempts to: (w) decreases job interview time. (x) decrease the problem of adverse selection. (y) uphold equal opportunity laws. (z) All of the above. I need a good answer on the topic o
Assume that you require studying six hours per week to earn a ‘C’, nine hrs a week to earn a ‘B’, and 15 hrs per week to earn an ‘A’. This would mean: (i) Raising returns to hrs studied. (ii) Diminishing returns to hrs studied. (iii
18,76,764
1922455 Asked
3,689
Active Tutors
1424165
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!