Cost concept of business operation and decision making
Categories the cost concept of business operation and decision making?
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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.
Illustrates the managerial Economics according to Spencer and Siegleman?
When the income effect of a wage raise is more powerful than the substitution effect, in that case the: (i) labor supply curve will be “backward bending.” (ii) unemployment rate will rise since more people will be av
Write down the features of Marginal costing?
Explain about econometric models.
When the real wage raises, in that case an additional unit of: (w) labor supplied will buy fewer goods. (x) leisure is more expensive. (y) output need more labor time. (z) capital becomes more highly utilized. Can
A personal supply of labor is exemplified by an income effect which dominates the substitution effect if: (w) Trina retires to a beach condo after working for the city for 42 years. (x) members of a rock band give up touring for a yea
When a firm hires an additional worker who adds $100 worth of output daily, and adds $50 daily to the firm’s costs, in that case the firm must: (w) hire more labor. (x) hire less labor. (y) not change its employment of labor. (z) sell off some o
Illustrates the merits of scarcity definition?
If hiring hundred extra workers increases the firms total cost through $10,000, and each extra worker increases output from 50 units, in that case on the average: (w) profit will fall by $10,000. (x) the value of the marginal product of labor is $10,0
Explain the term Production function.
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