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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.
Neutrality: Bureaucracy is apolitical and neutral. Prof. Frocderich mentions the following features of bureaucracy: (i) differentiation of functions, (ii) qualifications for o
comprehensively discuss the market structure in the South African mobile telecommunication industry
Why some country saving less and consumption more?
How do you calculate marginal revenue, and monopolistic profit?
Q. What do you meant by Multinational Corporation? Multinational Corporation: A multinational corporation (MNC) is a company that directly undertakes productive facilities or o
Nucleic acids perform two important functions 1. Replication: It is the property of biomolecules to synthesise exact copy of it. DNA has this unique property of duplicating it
the general characterictics of economic models,its limitations and verification
explain the managerial decision areas
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
1. The marginal benefit (demand) curve for pollution for an industry is P=100-4*Q, where Q is emissions in tons. The current emissions tax (price) for pollution is $40/ton. Regu
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