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What are the difference between explicit cost and implicit cost?
Both are concerns to Opportunity Cost and Decisions:
An explicit cost is a cost which involves essentially laying out money.
An implicit cost does not needs an outlay of money; this is measured through the value, into dollar terms, of the advantages which are forgone.
Why is it important to study the internal resources, capabilities, and activities of firms? What insights can be gained?
Explain how inflation unemployment trade-off is not feasible under adaptive expectation.MEC002
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x=40-0.2p where x=x1+x2 c1=50+2x1+0.5x1 c2=100+10x2
The consumer's utility function is u(x1,x2) = (x1) (x2)^2 (a) Graph his budget constraint for p1 = 3, p2 = 2 and M = 900, and write down the equation for his budget line. (b)
Sara runs a small business assembling personal computers. This table shows her total cost at different levels of output. Number of computers produced
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What happens to the extraction path if the choke price falls
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Good X is produced in a competitive market using input A. Explain what would happen to the supply of good X in each of the following situations. The price of input A decreases.
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