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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.
Social cost: Social cost of production refers to the cost incurred by a society when its economic resources are used to produce a given commodity. The usage of a society’s res
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Calculating Variance (σ) The standard deviations of the 2 jobs are: The standard deviation is used when there are several outcomes instead of only two. * An Examp
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explain how macro and micro issues may be represented using production possibility curve
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