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.
Does managerial economics as a tool for decision making? Explain this term.
Differentiate between Private Cost and Social Cost.
Hulk is a fitness counselor who coaches five clients at a time during exercise groups at Beefcake Body Builders. Hulk’s hourly wage is of $17, and Beefcake charges his clients $20 for every hour-long conditioning session. Therefore average value of produ
If the owner of a resource is paid in excess of the minimum needed to supply specified amounts of the resource, in that case the owner is the beneficiary of: (1) economic rents. (2) wage premiums. (3) excess profits. (4) surplus values. (5) capitaliza
Define the inelastic demand.
Illustrates the fundamental characters of human existence given by Lionel Robbins?
Within a purely competitive labor market, there the firm: (w) sets the wage that the household should accept. (x) should accept the wage demanded by the household. (y) and household arrive at the wage by bargaining. (z) and household should take the e
Illustrates the fixed and variable inputs in economics?
By the following choices in this illustrated graph, this worker would be happiest at point: (w) point a. (x) point b. (y) point c. (z) point d. Q : Extension/contraction and shift in Differentiate between extension/contraction and shift in demand?
Differentiate between extension/contraction and shift in demand?
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