What are differences between differential and explicit cost
What are the differences between differential cost and explicit cost?
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Differential Cost:
This refers to the change in cost because of change in the level of activity or method of production or pattern of production.
Explicit Cost:
These costs are those costs that are really paid (or paid in cash.). all they are paid out costs.
What are the objectives and importance (Uses) of managerial Economics?
What is Diminishing Returns to Scale?
Along a supply curve for an individual’s labor, there the income effect tends to rise the: (1) supply of work as wages reduce the number of people a firm will hire. (2) demand for leisure as the wage rate and income raise. (3) l
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Illustrates the responsibilities of managerial economists?
Illustrates the causes of business cycle?
Differentiate between Private Cost and Social Cost.
Explain the assumptions of Law Diminishing Returns.
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Illustrates the types of Demand Forecasting?
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