--%>
Assignment Help - homework help

Illustrates the term economic cost concept briefly

Illustrates the term economic cost concept briefly?

E

Expert

Verified

Economic Cost:

It refers total of explicit cost and implicit cost. Therefore it includes the payment for factors of production (which is rent, wages and so on) and the payments for the self owned factors (as interest on owned capital, salary to entrepreneur and rent upon owned premises).

   Related Questions in Managerial Economics

  • Q : Most wage elastic at prevailing wages

    Demand is probable to be most wage elastic at prevailing wages for: (1) carpenters. (2) neurosurgeons. (3) computer programmers. (4) teenage employees of fast food restaurants. (5) economists. Can someone explain/h

    		•
  • Q : Explain about perfectly price elastic

    I have a problem on perfectly price elastic supply curve that is given below: A perfectly price elastic supply curve is: (w) vertical. (x) horizontal. (y) positively sloped. (z) negatively sloped.

    Q : Managerial slack and x-inefficiency A

    A firm along with extreme managerial slack (i.e., X-inefficiency) can best survive when, it: (1) maximizes its economic profits. (2) spends large amounts on marketing and advertising. (3) has important market power and faces little potential competiti

    		•
  • Q : Difference between economics and

    What is the difference between economics and managerial Economic?

    		•
  • Q : Define the term business forecasting

    Define the term business forecasting briefly.

    		•
  • Q : Illustrates the Forward Planning in

    Does managerial economic as a tool for Forward Planning? Explain this term briefly.

    		•
  • Q : Wage Rates and Employment An increase

    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)

    		•
  • Q : Opportunity costs of purely financial

    By a purely financial perspective, you must stop going to school while you: (w) graduate from college. (x) have to take out educational loans at interest rates which exceed the inflation rate. (y) face opportunity costs of education exceeding the expe

    		•
  • Q : Features of Marginal costing Write down

    Write down the features of Marginal costing?

    		•
  • Q : Explain the Arc Method of Measurement

    Explain the Arc Method of Measurement of Elasticity.

    		•