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What do businesses uses to estimate how much it will cost to produce a good?
Wiki User
∙ 13y ago
Businesses use current and past prices to estimate how much it will cost to produce a good.
Wiki User
∙ 13y ago
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What effect does a rise in the cost of machinery or raw materials have on the cost of a good?
The good becomes more expensive to produce.
What is the definition of marginal cost?
How much does it cost to produce one more unit of a good.
When trying to decide what to produce businesses will look at the demand for their good's?
This cannot be answered. This does not make any sense.
What law states that businesses are and able to produce more of a good or service as the price goes up?
Law of Supply
What effect does a rise in the cost of machinery or raw materials of raw materials have on the cost of a good?
The good becomes more expensive to produce
How do you estimate the cost for a handy man job?
how good the job is done
How much would gas cost in 1995?
a good estimate is 1.06
What law states that businesses are willing and able to produce more of a good or service as the price goes up?
Law of Supply
How would you define a standard cost?
A standard cost is a predetermined cost that a company expects to incur in producing a unit of product or providing a service. It is used as a benchmark for evaluating actual costs and performance. The standard cost is based on factors such as historical data, industry benchmarks, and management estimates.
What factors does a householder consider when decide to produce a good or service at home or buy it in the marketplace?
A household considers the cost of buying the good or service, and the cost of producing it at home. It also considers the amount of time needed to produce it at home.
What is decreasing opportunity cost?
the amount of one good that has to be sacrificed to produce one more unit of another good.
What factors does a householder consider when deciding whether to produce a good or service at home or buy it in the marketplace?
A household considers the cost of buying the good or service, and the cost of producing it at home. It also considers the amount of time needed to produce it at home.
