Explicit cost, Microeconomics

Assignment Help:

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.


Related Discussions:- Explicit cost

1, what is market equilibrium and disequilibrium?

what is market equilibrium and disequilibrium?

Short run costs, A film studio in Hollywood produces movies according to t...

A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $

Export entrepreneurship and use appropriate technology, Export Entrepreneur...

Export Entrepreneurship: This need be developed by providing necessary facilities and making export an attractive and profitable business proposition. In this connection, it

Unions in a competitive market, Unions in a Competitive Market: Again, ther...

Unions in a Competitive Market: Again, there a group of economists who will rely on the use of the competitive model to demonstrate the evils of unionization. The most regular anal

Role of money in a modern economic system, Normal 0 false fa...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Externalities, What are externalities? Give an example of positive and nega...

What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities

Consumer surplus, using necessary and sufficient condition explain consumer...

using necessary and sufficient condition explain consumer surplus diagrammically and mathematically?

Explain the kuhn-tucker theorem in economics, Explain the Kuhn-Tucker Theor...

Explain the Kuhn-Tucker Theorem in economics. Kuhn-Tucker Theorem: Assume that x solves the inequality constrained optimization problem and also satisfies the constrained qu

Economic policy efficiently, Economic policy efficiently: The reason f...

Economic policy efficiently: The reason for poverty and misery in the developing countries is not essentially the lack of potentialities or resources, human or material, but t

Supply-and-demand, Suppose we divide Canada into three regions; the west, t...

Suppose we divide Canada into three regions; the west, the centre and the each

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd