Cost concept of business operation and decision making
Categories the cost concept of business operation and decision making?
Expert
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.
I have a problem in economics on Diminishing Returns and Increasing Costs. Please help me in the following question. The concave (or bowed out) production possibilities frontier means that the opportunity costs are: (i) Constant (ii) Increasing (iii)
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
Illustrates the managerial Economics according to Savage and John?
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
Critics of “credentialism” believe which firms making employment decisions tend to rely much heavily on: (1) personal contacts. (2) past experience. (3) personality testing. (4) job interviews. (5) formal training and education.
Illustrates the different between expert opinion method and trend projection method?
Derived demand refers to: (w) consumer demand for products, based on expected utility. (x) government demand for social goods, based upon tax revenue. (y) business demand for resources, based upon consumer demand for products. (z) supplier demand for
Illustrates the real concept briefly?
When the ratio of the price elasticity of demand of a taxed good associate to its price elasticity of supply increases, tax is: (w) revenue will fall when tax rates are raised. (x) hikes will cause buyer's total outla
What are the important areas of decision-making?
18,76,764
1956556 Asked
3,689
Active Tutors
1443316
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!