What is the difference between explicit and implicit costs

Assignment Help Business Economics

Reference no: EM131094394

1. What is the principle-agent problem and how can it be avoided?

2. What is the difference between explicit and implicit costs?

3. What is the law of diminishing returns?

4. What determines the U-shaped curve of short run production costs?

5. What are economies of scale and diseconomies of scale and how do they contribute to the U-shaped curve of long run average costs?

Reference no: EM131094394

Questions Cloud

What might be meant by truth in taxation law : Describe the income and substitution effects of an increase in the interest rate for a borrower. What does this imply for the effect of eliminating tax deductibility of interest payments? What might be meant by a “truth in taxation” law?

Small company manufactures and sells bicycles : A small company manufactures and sells bicycles.The production manager has determined that the demand functions for q(q>0) bicycles per week is p=90-q, where p is the price per bicycle. find the maximum weekly revenue ?

Monopoly considered to be most inefficient market structure : What are the characteristics of a pure monopoly market structure? How does a monopoly acheive and maintain its monopoly from other firms? Why is marginal revenue less than the selling price for a monopoly? Why is monopoly considered to be the most in..

What is short run supply curve for one competitive seller : What are the characteristics of of a pure competition market structure? What is the shape of the demand for the product of one competitive seller? How does one competitive seller decide what to produce in the short run? What is the short run supply c..

What is the difference between explicit and implicit costs : What is the principle-agent problem and how can it be avoided? What is the difference between explicit and implicit costs? What is the law of diminishing returns? What determines the U-shaped curve of short run production costs?

Explain what deadweight loss is and what causes it : Explain what consumer surplus and producer surplus is and how it can be found. Explain what a deadweight loss is and what causes it. Explain the difference between private goods and public goods. Explain what a negative externality is and how it can ..

Measure changes in wage inequality : Almost all empirical studies that measure changes in wage inequality in the U.S. over time use only monetary wages as the measure of a worker’s compensation. The studies typically do not include measures of the value of fringe benefits (health insura..

Governance and liberties for indigenous policy : The federal government controls which groups are recognized as Indians and which tribes receive federal benefits because of this recognition. However this poses a problem with American Indians not having sovereignty in their own government or being o..

Types of students rural areas and urban areas : Suppose two types of students, those from rural areas and those from urban areas, apply to college. There are only two types of performances, excellent and poor. It has been found that a higher percentage of urban students perform poorly than rural s..

User Account

All Pages