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Explicit cost:
Explicit costs are payments made by the firm when it purchases or hires factors of production for the production of goods and services. They are also referred to as historical costs. They may include rents on land, wages and salaries of labour, interest or dividend earnings on capital and producer’s normal profit.
Economies of scale are the “advantages” of large-scale production.The expression “advantages” is used to represent benefits that help the firm to produce at reduced unit cost of production as a result of increasing all inputs in the long run. They are classified into internal economies of scale and external economies of scale.
Fiat money is what is regular in modern economic systems. Fiat money is money that is described as legal tender by either a government or some organization with the authority to e
explaination of quasi rent theory
If coolest icecream parlor has been closing at 5pm with $120 of marginal revenue and $80 of marginal cost for the last hour open, what should coolest icecream do to maximize profit
Internal and external economies of scale: Internal economies of scale are the advantages or benefits that the firm enjoys as it expands its size or increases its scale of ope
The process of production needs several inputs. These inputs are known as the factors of production. In most cases, firms own some of the factors of production while some have to b
Specific Monopolist: Suppose a monopolist firm, I-Tech, pays $500,000 in short-run costs for its capital and unskilled labor. Its only short-run decision, th
EOQ formula The EOQ equation assumes demand is constant and steady. It also assumes that demand for different items is independent. This is inappropriate for controlling inve
Suppose that the total revenue function of a firm is given by TR(q) = 120q - 2q^2, where q is the level of output. Find the level of output q that will maximize the firm’s total re
What is the formula for heat and how do you solve it?
List two advantages of markets identified by the authors of the text. Markets can be a significant way of allocating resources. Markets include voluntary exchanges. Another b
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