--%>
Assignment Help - homework help

Cost concept of business operation and decision making

Categories the cost concept of business operation and decision making?

E

Expert

Verified

A managerial economist should have a proper understanding of the various cost concepts that is essential for clear business thinking. This cost concept that is relevant to business operation and decision can be grouped upon the origin of propose under overlapping categories as follows:

1. Concept utilized for accounting purpose

2. Concept utilized in economics analysis of the business.

   Related Questions in Managerial Economics

  • Q : Hiring additional workers exceeds the

    One purpose that firms hire labor at the point where w is equal to P x MPPL is: (1) if w < P x MPPL, the cost (w) of hiring additional workers exceeds the gains (P x MPPL) of hiring them, therefore they would hire fewer workers. (2) when w > P x

    		•
  • Q : Explain about input output table method

    Explain about input output table method.

    		•
  • Q : Illustrates the responsibilities of

    Illustrates the responsibilities of managerial economists?

    		•
  • Q : More productive firm for labor Workers

    Workers who keep their jobs will be more productive after firms adjust to raises in: (1) competition in an industry. (2) wages. (3) technological advances. (4) capital costs. (5) government regulation. Hey friends please give your

    		•
  • Q : Influenced demand for labor When the

    When the demand for labor influenced by the minimum wage is wage elastic, increasing the minimum wage would: (w) increase total wages received by low wage workers. (x) reduce total wages received by low wage workers. (y) not affect th

    		•
  • Q : Charging the competitive price in the

    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.

    Q : Profit Maximization in Labor Market and

    As a firm is a pure competitor in both the labor market and during the sale of its product, this will hire labor where: (w) profit is maximized. (x) marginal revenue product = marginal resource cost. (y) wage = value of the marginal product. (z) All o

    		•
  • Q : Individual firm in purely competitive

    A purely competitive resource market shows that an individual firm faces a resource supply curve which is: (w) perfectly inelastic. (x) perfectly elastic. (y) downward sloping. (z) backward bending.

    Q : Explain the accounting cost concept in

    Explain the accounting cost concept in brief.

    		•
  • Q : Explain the Price Elasticity of Demand

    Explain the Price Elasticity of Demand.

    		•