Illustrates the term economic cost concept briefly
Illustrates the term economic cost concept briefly?
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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).
answer written below is correct for the question detail exception of demand curve ?
Illustrates the Objectives of managerial economics?
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A cartel is more likely to succeed and survive when: (w) members respond to incentives to cheat. (x) fringe producers are not members. (y) total market demand is less elastic. (z) close substitute goods are simply developed. Q : Specific Training by Human Capital A A firm which provides its workers along with substantial exact training tends to: (i) pay such individuals premium wages to try to make sure retaining these workers. (ii) require workers to sign legal contracts of peonage and indenture. (iii) increase
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The substitution effect of a small change within the wage rate dominates the income effect for that worker at each wage rate: (w) exceeding $5 per hour. (x) between $5 per hour and $24.99 per hour. (y) exceeding $25.01 per hour. (z) b
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Describes the definition of Managerial economics according to Douglas?
To make a decision regarding resource hire, the firm should take as: (w) the price of the resource. (x) the productivity (Marginal Price) of the resource. (y) output prices. (z) All of the above. How can I solve my Economic
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