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Fixed costs are those that are independent of output. They should be paid even if firm produces no output. They wouldn't change even if output changes. They remain fixed whether output is small orlarge. Fixed costs are also known as 'overhead costs', 'sunk costs' or 'supplementary costs'. They include payments likeinterest, rent, depreciation charges, insurance, maintenance costs, administrative expenselike manager's salary, property taxes and so on. In the short period, total amount of these fixed costs won't decrease or increase when the volume of firms output falls orrises.
Desire for a commodity This validates that a want or a desire doesn't develop into a demand except it is supported by the ability and willingness to acquire it. For example, a
what does it mean?
Using the relationship among the price of a visit to a physiotherapist and the quantity of visits demanded, explain and distinguish between the direction, the slope, and the positi
Macro-economic policy objectives The major macro-economic policy objectives which the governments strive to achieve are: i. Full employment One of the main objectives
State the Specific Time of demand Demand should be assigned specific time. For instance, it is an incomplete proclamation to state that demand of air conditioners is 4,000 at t
Ingrid and Jeff would like to use Saturday night together but have dissimilar tastes in entertainment. Jeff would like to go to the opera but Ingrid would prefer to see soccer. As
a bus operates two routes,one to harare and another one to johanesburg.the company analyst estimated that the elasticity of demand for joburg is 0.9 while for harare is 2.the compa
What is the meaning of demand In economics, demand has a specific meaning distinct from its ordinary usage. In common language we treat 'desire' and 'demand' as synonymously. T
Describe about the Theory of profit Every industrial and business enterprise aims at maximising profit. Profit is the difference between total economic cost and totalrevenue. P
BUSINESS CYCLES Meaning: The business cycle is the tendency for output and employment to fluctuate around their long-term trends. The figure below presents a stylised
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