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Economic function of profits and losses?
Economic profit will never exceed accounting profit. The accountant will calculate total cost using only explicit costs (basically a transfer of money) that the firm makes. On the other hand, .
Will a firm that owns its own capital equipment will have the exact same long run cost function as a firm that rents capital if both firms have the same production function?
No a firm that owns its own capital equipment will not have the exact long run cost function as a firm that rents capital even if they both have the same production function.
The size and the importance of the finance function in a business firm depends primarily on what?
size of the firm
Distinguish between industry demand and firm demand?
Industry demand is subject to genera economic conditions. Firm demand is determined by economic conditions and competition
The circular flow of economic activity sHow is the interdependency of firm and household decision making?
The circular flow of economic activity shows the interdependency of firm and household decision making.TrueFalse TRUE
What are examples of typical economic decisions made by the managers of a firm. determine whether is an example of what how and when?
following are examples of typical economic decisions made by the managers of a firm. determine whether is an example of what, how, and when?
What is the production function and types of production function?
production function is relation between firm's production and material factors of production
What is the Difference between Normal profit and Economic Profit?
In economics, normal profit is often called the break-even point. It is the level of profit where all of the costs of your business, including the salary of the CEO, are covered. When a firm has normal profit but not economic profit, the total revenue of the firm equals the total cost of the firm. However, if a firm has economic profit, total revenue is higher than total cost.
What type of economic function fits this description?
To provide an accurate answer, I need more context or specific details about the economic function you are referring to. Please provide a description or characteristics of the economic function in question.
What is the economic function of the environment?
Answer
What is linear demand function and it relevant to a firm?
A linear demand function means that any change in the price of the output will have the same effect on the quantity demanded, whatever the price was. It has little relevance to a firm since the demand function is never really linear.
How does natural monopoly function?
A single firm supplies all the output
