Explain the meaning of business cost
Explain the meaning of business cost.
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Business cost comprises all the expenses that are incurred to carry out a business. This includes all the payments and contractual obligations made through the firm together along with the book cost of depreciation upon plant and equipment. Such cost concepts are utilized for computing business profits and losses and for filing returns for other legal purposes and for income- tax also.
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 : Define the term opportunity cost concept Define the term opportunity cost concept.
Define the term opportunity cost concept.
In countries employing decentralized markets for nearly all decision making: (1) Private individuals select how most resources and goods are allocated. (2) Nonhuman resources should be individually owned. (3) Elaborate economic plans are planned and enforced by law. (
Explain the Expenditure Method of Measurement of Elasticity.
What are the operational or internal issues of managerial economics?
The substitution consequence on labor supply decision of an individual is more powerful than the income effect while: (1) higher wage rates result within increased hours worked. (2) cuts in wage rates yield discouraged worker effects. (3) the supply c
A purely competitive resource market shows that an individual firm faces a resource supply curve which is: (w) perfectly inelastic. (x) perfectly elastic. (y) downward sloping. (z) backward bending. Q : Explain the reasons for demand curve Explain the reasons for demand curve slopes downward.
Explain the reasons for demand curve slopes downward.
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
This supply of labor of worker is perfectly inelastic at point: (w) point a. (x) point b. (y) point c. (z) point d. Discover Q & A Leading Solution Library Avail More Than 1444103 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1939557 Asked 3,689 Active Tutors 1444103 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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