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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.
1.what is price mechanism? 2.how does price mechanism benefit an echonomy. 3.what are the characteristics of a centrally planned economy?
do you think that dimnishing returns to a factor are consistent with increasing returns to scale? explain with suitable diagram and reasoning.
1. The figure below is historical production data from the Kuparuk River field. The OOIP is 5,332,979 Mstb and cumulative recovery through 12/31/2004 is 1,971,200,654 stb.
a) Joan's utility function can roughly be estimated as : U = 60Q 1 3/4 Q 2 2/3 She chooses from two composite commodities Q 1 and Q 2 whose prices per unit are kshs 20
Marginal revenue: Marginal revenue is the change in total revenue with respect to a change in quantity sold. That is, it is the change in total revenue that results from the s
how does compensated demand curve help managers?
what are the pros and cons of monopsony
The vast majority of corn and soybeans produced in the United States is grown in the Midwestern states including: Nebraska, Iowa, Illinois, Indiana, and Ohio. This region experienc
what is isoquant ?
Communications: Noting the importance of improved communications in increasing productivity and welfare, the New Telecom Policy (NTP) was introduced in 1999. NTP 99 was aimed
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