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An economist's view of costs contains both explicit and implicit costs. Explicit costs are accounting costs, and implicit costs are the opportunity costs of an allocation of resources (i.e., business decisions). Accountants subtract total cost from total revenue and arrive a total accounting profits. An economist, though, would include in the total costs of the firm the profits that could have been made in the next best business opportunity (e.g., the opportunity cost). Thus, there is a significant dissimilarity in how accountants' and economists' view profits B economic profits versus accounting profits.
prove that marginal utility of x=the price of commodity x.
What was the price index for 2008, 2009 and 2010?
Assume that John has the following preference relation over two goods, bread and bear (x1, x2). He strictly prefers any bundle x over y whenever x haves more bear than y, whatever
Deviation - Difference between the expected and actual payoff - Adjusting for the negative numbers - The standard deviation measures square root of average of squa
What is the distinguishes a progressive income tax, from a proportional income tax, or a regressive income tax? A proportional income tax takes the similar percentage of a pe
What is the difference between GDP and GNP? Gross domestic product (GDP) is the value of the total final output formed inside a country, during a given year. GDP, like all mea
Change in consumer Taste/preference: Any change in consumer taste or preference causes demand to change. Increased taste or preference for a particular good causes demand to inc
Market equilibrium happens where supply equals demand (supply curve intersects demand curve). An equilibrium implies that there is no force that will cause further changes in pri
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