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1 why does the economic transfer price to the consumer

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Reference no: EM13379100

1) Why does the economic transfer price to the consumer include implicit cost (normal profits, externalitiea, and other unrecorded cost) which you do not find in accounting cost?

2) What are short run and long-run periods of economic? Does the Law of Diminishing Returns impact on a long run period?

3) Why does the unit (or average total) cost of producing a product declines as the production capacity of a plant is expanded?

Reference no: EM13379100

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