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What is the economic rationale for the law of increasing opportunity cost?
Based on my macroeconomics book, economic resources are not completely adaptable to alternate universes.
What is Economic of scale?
It happens as the units produced are increasing, the cost per unit produced is decreasing.
What is the definition of economic costs?
Economic cost is the total cost of choosing one action over another. It includes the actual funds spent (accounting cost) and the amount of money that could have been made by using the funds spent and other resources on some other action (opportunity cost).
How does education affect economy?
Education directly affects the level of human capital (skill and knowledge we acquire), which is an input in economic production. Human capital increases economic growth by decreasing the costs of production and therefore increasing cost efficiency.
Why are costs important in economics?
How do firms incorporate opportunity cost to calculate economic cost? discuss and give example using an explicit economic cost and an implicit economic cost.
What is the economic rationale for the law of increasing opportunity cost?
Based on my macroeconomics book, economic resources are not completely adaptable to alternate universes.
What is Economic of scale?
It happens as the units produced are increasing, the cost per unit produced is decreasing.
Why average cost increase when marginal cost is increasing?
Marginal cost = derivative of (Total cost/Quantity) Where Total cost = fixed cost + variable cost Marginal cost = derivative (Variable cost/Quantity) (by definition, fixed costs do not vary with quantity produced) Average cost = Total cost/Quantity The rate of change of average cost is equivalent to its derivative. Thus, AC' = derivative(Total cost/Quantity) => derivative (Variable cost/Quantity) = MC. So, when MC is increasing, AC' is increasing. That is, when marginal cost increases, the rate of change of average cost must increase, so average cost is always increasing when marginal cost is increasing.
What is the definition of economic costs?
Economic cost is the total cost of choosing one action over another. It includes the actual funds spent (accounting cost) and the amount of money that could have been made by using the funds spent and other resources on some other action (opportunity cost).
Definition of scarcity and opportunity cost by Bernardo Villegas?
Opportunity cost refers to the economic benefit forgone by using a resource for one purpose rather than another.
Explain why a production possibilities curve is concave?
Because when one produces one product, the opportunity cost of the other product increases i.e. the concave represents the increasing opportunity cost with the production of a good.
What is the definition of Historical Cost?
what is the definition of historical cost
How does education affect economy?
Education directly affects the level of human capital (skill and knowledge we acquire), which is an input in economic production. Human capital increases economic growth by decreasing the costs of production and therefore increasing cost efficiency.
Explain cost center in the context of Cost Management Accounting?
Explain cost center in the context of cost accounting
Why are costs important in economics?
How do firms incorporate opportunity cost to calculate economic cost? discuss and give example using an explicit economic cost and an implicit economic cost.
Describe two economic or social goals of Mussolini and explain the actions he took to achieve each goal?
A cost effective alternative to a traditional receptionist. Get quote
What does the law of increasing cost explain?
The law of increasing cost explains that as production increases, the opportunity cost of producing additional units of a good also increases. This is because resources are not equally efficient in producing all goods, and as more of one good is produced, resources are shifted from their most efficient use to less efficient uses.
