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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.
Is the terms of trade (TOT) explained as the ratio of the value of exports to the value of imports? How does the TOT relate to the exchange rate? The terms of trade (TOT) is ex
Point Elasticity: Point elasticity is brought in use when the change in price is quite small, which means. The two points between which elasticity is being measured or calculat
assumption of mariss model
Why short run average cost curve is ‘U’ shaped
graphical illustration describing the influence of an increase in immigrants on the market supply of labour
Government Production: Some production in the economy is undertaken directly by governments (or several kinds of government agencies) in order to meet public requirements (as disti
Think of the Golden Ball game. Now player 1 is money-minded and jealous, and player 2 is very good-hearted, so the payoff matrix is follows: Playe
draw a production possibility frontier task using the graph and value and identity the pareto efficent and inefficient point and the marginal oppotunity cost of x for each point of
Q. Show the method of applying a discount? The method of applying a discount rate to convert future monetary amounts to their equivalent value in today's terms, based on the pr
application of indifference curve analysis to the problem of exchange
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