Distinction between cost and expenditure, Microeconomics

Distinction Between Cost and Expenditure

As has already been defined, cost is the money equivalent of material and human resources needed to produce a good or a service. Expenditure is the money equivalent of resources needed to access a good or service. Accessing a good or a service implies that one has to pay

(i) The cost of producing it

(ii) The profits expected by the producer as determined by market conditions for the same

(iii) The time and efforts required to purchase it.

Posted Date: 12/17/2012 4:39:31 AM | Location : United States







Related Discussions:- Distinction between cost and expenditure, Assignment Help, Ask Question on Distinction between cost and expenditure, Get Answer, Expert's Help, Distinction between cost and expenditure Discussions

Write discussion on Distinction between cost and expenditure
Your posts are moderated
Related Questions
Question 1: (a) Using examples, explain how the theory of Purchasing Power Parity conforms to the Law of One Price. (b) According to you, how best does the Theory of Purchasing

Can marginal cost be constant? If so, does this mean that marginal cost are equal to average variable cost?

define cost its types with curves

Q. What do you meant by Real GDP? Real GDP:Value of total gross domestic product (which is, all the services and goods produced for money in the economy) adjusted for effects o

Price/Earnings (P/E) Ratio This is a measure of an organization investment potential. Literally, a P/E ratio is how much a share is worth per dollar of earnings. The price-earn

You just opened a flower shop and are trying to understand pricing issues. You were told that elasticities are very important in determining prices and what products to supply, so

Change in the population of consumers: Population changes may affect the demand for a commodity.Areas of high population may demand more of certain commodities than areas of low

Use of Income elasticity of demand: Income elasticity of demand on the other hand, has the following uses (i) Income elasticity of demand shows how the pattern of consumer de

An individual derives utility from consuming goods X and Y according to the following estimated utility function U = 12X 2/3 Y ¼       X and Y are quantities (units) of

What is a natural monopoly Define natural monopoly as a situation where the advantages of scale a fixed costs are so high that it is impossible to fully exploit them. MC and AC