Explain the accounting cost concept in brief
Explain the accounting cost concept in brief.
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Accounting cost: These costs represent all such expenditures that are incurred by a firm upon factors of production. Therefore, accounting costs are explicit costs. Briefly, all items of expenses appearing upon the debit side of trading, loss and profit account of a firm shows the accounting cost. As all the expenses on production are in money terms, the accounting costs are nominal costs or money costs.
Explain the money cost concept briefly.
An equilibrium point on the resource demand curve of a competitive firm operating within a competitive labor market would indicate equality among the resource price and: (w) demand elasticity. (x) quantity demanded. (y) VMP of the resource. (z) output
Explain the term business cycle in brief.
When family incomes within the United States raised sharply and therefore, sales of cashmere sweaters improved enormously, in that case cashmere sweaters are: (1) luxury goods. (2) preferred to wool or cotton sweaters. (3) inferior goods. (4) prestige goods. (5) norma
Provide a brief introduction of the term Margin of Safety?
As per most conventional theories of the labor market, the: (w) supply curve of labor is positively sloped since higher wages attract additional workers in the labor market. (x) firms should contend with increasing returns from additional employment.
An individual’s labor supply curve is negatively sloped that is backward-bending into a range of wages while the: (i) demand for goods exceeds the demand for leisure. (ii) worker offers more hours of labor while the wage rate in
The Real Kool Toys Company manufactures and sells educational toys. An empirical demand function for one of the firm's products has been estimated over the last 21 quarters using regression analysis. The estimated demand function is: QY = -8,000 - 5,000PY + 192A + 120I + 2,000PX (6,000) (1,000)
A supply of specialized labor tends to shrink while: (1) the social status of that field rises. (2) an increase in income expectations happens. (3) employment stability increases and training costs decrease. (4) wages rise into a field using similar s
A firm's demand for labor would decrease when the: (1) price of the output rose. (2) labor supply curve shifted outward. (3) price of capital rose. (4) wage rate rose. (5) productivity of all workers fell. I need a
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