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Fixed Costs (FC)
These are costs which do not vary with the level of production i.e. they are fixed at all levels of production. They are associated with fixed factors of production in the Short Run. Examples are rent or premises, interest on loans and insurance.
Explain the role scarcity of resources plays in economics decision making
In the long run, because of the assumption of free entry and exit of the firms, it's not possible for the firms to make super-normal profits nor it is possible for them to incur lo
PRINCIPLES OF AN OPTIMAL TAX SYSTEM When taxes are imposed certain conditions must be fulfilled. These conditions are known as Principles or canons of taxation. According to
explian williomson model of managerial discretion
QUESTION 1 Negotiating skills remain a critical capability for procurement practitioners. Skilled negotiators have the potential to improve the negotiating outcome. Procurers o
A toy manufacturer makes output according to the production function: where n is the number of workers employed by the firm, O is a technological parameter and g the worker
OBJECTIVES OF GOVERNMENT Government policies are required in market economies to achieve certain goals. There are broadly two types of government policies viz; Microeco
structure of managerial economics
define scarcity and opportunity cost..
WHAT ARE THE PRINCIPLES OF MANGERIAL ECONOMICS
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