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Question 1. Differentiate between explicit and implicit costs.
Question 2. Explain the importance of considering both types of costs to make economic decision.
Question 3. Provide examples of at least 2 explicit costs and 2 implicit costs.
Your clinic has conducted market research and surveyed patients in two neighboring communities. You find community members in Arkham City (where your clinic is
The companys marketplace department estimated a linear demand function for Border's picante sauce:
If it cost Wardco $10million to treat the water and the value of mined products to customers is $8million, requiring water treatment would kill the project. Should Wardco be required to treat the water in this case?
If you deposit $600 every year for the next 9 years, with first deposit to be made today and all deposits to be made at the beginning of every year
interest and the remainder was principal. Annual depreciation is $38,095. What is the taxable income?
The FRS began a contractionary monetary policy in 1979. At the same time, Congress increased spending, financing the deficit by borrowing from the public.
Explain how Task Rotation Strategy allows the teacher to pay attention to the each of the four types of mathematics learner. Which student abilities are involved when students achieve representational fluency in the study of functions.
For years, you were the owner/operator of a small gift shop in a remote rural area with no competition nearby. As such you were making above average profits every year. Consequently, new competitors were attracted to your market and eventually you fo..
Economists sometimes refer to the attempt by countries to fix their exchange rates, control thier money supply, and operate with open capital accounts in their balance of payments (that is , to have no restrictions on capital movements) as the "impos..
What happens to price and output in the Cournot, Bertrand, and Stackelberg models if marginal costs increase by 10 percent? The market demand is p = a-bQ and the marginal cost is constant across firms, i.e. mc1 = mc2 = c. You may consider for two fir..
Each possible investment is perceived to have no risk of default. You plan to maintain this investment for a one-year period. The return of each investment over a one-year horizon will be about the same if interest rates do not change over the next y..
You could invest that money today at 9?% compounded semi dash annually semi-annually. What is the present value of your? inheritance?
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