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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.
monopolistic competition
The concept of isocost In the use of resources, firms are faced with opportunity cost. For every addition of say capital, they must forego a unit of say labour. Expositio
d/f b/w MRTS and MRS
Mark works for Maple Feel Inc., which exports maple syrup to Slovakia. Currently, he generates $60,000 a year of net revenues for the firm and his salary is $60,000 per year. Mark
THE DETERMINATION OF EQUILIBRIUM NATIONAL INCOME National income is said to be in equilibrium when there is no tendency for it either to increase or for it to decrease. The a
Price Elasticity of Supply Price Elasticity of supply measures the degree of responsiveness of quantity supplied to changes in price. The co-efficient of the elasticity of s
features of monopoly?
b) Discuss the validity in Zimbabwe of the grounds on which the profit maximising model of the firm has been defended.
Disguised unemployment Situation where some people are employed apparently, but if they are withdrawn form this job, total production remains the same. In most developing coun
THE MONETARY ACCOUNT Also called official financing, this comprises the financial transactions of the government (handled by the central bank) needed to offset any net outflow
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