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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.
Imagine a country where plane and train services between two main cities are both provided by private companies, and, from a consumer perspective these services are viewed as subst
suppose ismail were to eat five pizzas per week.what is the total value ismail would place on his five weekly pizzas?
what are the similarities and differences of marginal productivity and marginal utility
how does it work ? Say it to me !
Tariff: A tariff is a tax imposed on the purchase of imports. It is generally imposed in order to stimulate more domestic production of the product in question (rather than meeting
any ideas?
Q. Explain about Demand - Constrained? Demand-Constrained: An economy is demand-constrained when level of output and employment is limited by the amount of overall demand (or s
You have decided to sell some goods at a local music festival. You have hired a sales stand for $500. Your cost per item is $3 and you will sell each item for $5. When you did your
What are the income and cross elasticities of demand? Why might they be useful? Explain.
GIVE AND EXPLAIN IN DETAIL,ARGUMENTS GIVEN TO EXPLAIN LEONTIEF''S EMPERICAL FINDINGS ON THE HECKSCHER-OHLIN MODEL OF TRADE.
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