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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.
a description of engineering production function
Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
what is economic model and role of assumptions in it.
The End of the Malthusian Age We clearly no longer live in a Malthusian age. For at least 200 years improvements in the efficiency of labor made possible by new technologies a
Explain the Kuhn-Tucker Theorem in economics. Kuhn-Tucker Theorem: Assume that x solves the inequality constrained optimization problem and also satisfies the constrained qu
WORLD TRADE ORGANISATION (WTO): The International Trade Organisation (ITO), originally, was proposed to be set up along with the World Bank and the IMF on the recommendations
Consider the following duopoly with differentiated goods where x 1 and x 2 denote the amounts of the goods 1 and 2 respectively, with prices p 1 and p 2 . The demand funct
Valence Bond Theory Explains, but does not predict the shape. Valence Bond Theory Cannot explain colour and spectra. Valence Bond Theory Qualitative explanations; does not expl
analyse the method by which a firm can allocate the given advertising budget between different media advertisement?
optimal contracts under symmetric information
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