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 pricing policy and practices?
Illustrates the real concept briefly?
Illustrates the Modern Definition?
Explain the marginal input-output relationship in short run and long run.
Refer to below figure. Assume that the firm is currently producing Q2units. What occurs if this expands output to Q3units: w) Its profit raises by the size of the vertical distance df. x) this makes less profit. y) this incurs a loss. z) this wil
The social value of the extra output by additional units of labor is: (1) marginal revenue product of labor. (2) price of labor. (3) average revenue product of labor. (4) value of the marginal product of labor. (5) marginal resource cost of labor. Q : Occurrence of General Training General General training occurs while a: (w) secretary learns a new office procedure. (x) handyman learns to drive a semi-truck. (y) messenger learns the company’s in-house mail route. (z) navy recruit learns how to repair a guided missile.
General training occurs while a: (w) secretary learns a new office procedure. (x) handyman learns to drive a semi-truck. (y) messenger learns the company’s in-house mail route. (z) navy recruit learns how to repair a guided missile.
Define the term unitary elastic.
What are the objectives and importance (Uses) of managerial Economics?
States the Extrapolation statistical Method of Demand Forecasting?
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