Illustrates terms total cost, average cost and marginal cost
Illustrates the terms total cost, average cost and also marginal cost?
Expert
Total cost:
It implies the sum of total fixed cost and total variable cost. Conversely, this is the aggregate money cost of production of commodity.
Average cost:
It is the cost per unit of output. It is total cost divided through number of units produced:
Average cost = total average fixed cost + total average variable cost
Marginal cost:
It is the additional cost to total cost while an additional unit is produced.
Which of the given statements is not CORRECT: (w) Acquiring productive skills is known as investment in human capital. (x) General training increases a worker’s marginal productivity equally for many firms. (y) Specific training increases the productivity of the
When the U.S. soybean market is primarily in equilibrium on S0D0, and in that case a new fertilizer raises farm productivity and concurrently, foreigners are permitted greater access to U.S. soybean, there the market shifts to: (
At any price of, the demand for a resource is fewer elastic the: (w) easier this is to substitute other resources for this. (x) harder this is to substitute other resources for this. (y) more elastic the demand for the output this produces. (z) greate
Does managerial economics as a tool for decision making? Explain this term.
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.
The demand for labor would move downward like a consequence of: (w) grocery stores buying fewer automatic check-out touchpad computers, and in place of relying more heavily on cashiers to ensure friendly interactions along with customers. (x) declines
When a firm is a price taker into the labor market and the wage is $80 daily, the marginal resource cost incurred while hiring 20 more workers daily is: (w) $80. (x) $1600. (y) $800. (z) $400. Q : States the term Production States the States the term Production?
States the term Production?
Economists suppose that firms hire labor to further a fundamental goal of maximizing: (1) economic profit. (2) workers’ welfare. (3) economy-wide employment. (4) managerial compensation. (5) the total value of output.
Explain the Consumer Interview Survey method of Demand Forecasting.
18,76,764
1955199 Asked
3,689
Active Tutors
1425049
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!