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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.
factor for long run trend of term of trade
What is the difference between economic growth and economic development? Growth is only individual dimension of development. Economic development is a complicated multi-dimensio
Q. Is Consumption depend on GDP in the cross model? Aggregate demand The consumption function Consumption C(Y) depends positively on GDP in the cross
There are three firms in an economy: A, B, and C. Firm A buys $450 worth of goods from firm B and $260 worth of goods from firm C, and produces 260 units of output, which it sells
In 1 to 2 sentences respond to the following comment. "Cleaning your own house is not counted in gross domestic product because it does not represent economic production."
unplandned change in inventory are coutned as investment spending by firms
ihave real gdp per capita for all countries in world .. how can i calculate world real gdp per capita by using the data.
Let the real interest rate, i r , equal 5 percent and the rate of depreciation, d, equal 10 percent. In this case, if the price of a piece of capital is P K = $10,000, what is th
Ordinal Theory: A Short Note In ordinal approach, utility is measured ordinally i.e., qualitatively (not numerically or quantitatively). Alternatively, consumer can rank her
1. To assess your ability to conduct quantitative data analysis and interpret the results of data analysis introduced inForecasting Trend. 2. To assess your ability to communicate
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