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.
What are the scopes of managerial economics?
Illustrates the term variable cost?
An increase in the competitively-set wage tends to cause: (w) firms to reduce the amounts of labor hired. (x) increases in the marginal revenue products of the workers a firm retains. (y) higher marginal factor costs of labor to competitive firms. (z)
Define naive method and its techniques briefly.
The concept that employers artificially utilize formal training and education while screening job applicants to make hiring decisions is termed as: (w) nepotism. (x) formalism. (y) human capital discrimination. (z) credentialism. Q : Dependency of labor supplies Labor Labor supplies depend on wage rates and also: (w) labor force participation and capital availability. (x) worker skills and preferences regarding employment. (y) technology and the price of output. (z) labor force participation and derived demand.
Labor supplies depend on wage rates and also: (w) labor force participation and capital availability. (x) worker skills and preferences regarding employment. (y) technology and the price of output. (z) labor force participation and derived demand.
Define the term opportunity cost concept.
Does managerial economics as a tool for decision making? Explain this term.
What are the responsibilities of managerial economists?
Explain the Exceptional Demand Curve.
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