How do firms incorporate opportunity cost to calculate economic cost? discuss and give example using an explicit economic cost and an implicit economic cost.
That is an example of how economics works.
why don't you get on with the coursework question.
the cost which is not change with production fixed cost example rent of factory , employee salaries in case of manufacturing unit , fixed electricity charge etc.
driving to a faraway place to find available goods
How do firms incorporate opportunity cost to calculate economic cost? discuss and give example using an explicit economic cost and an implicit economic cost.
That is an example of how economics works.
Fixed are the cost that are not affected the by the fluctuations in the level of activity. As an example the rent cost of a apperal manufacturing company would be a typical example of a fixed cost in short run as rental is not affected by the level of activity that is produced.
why don't you get on with the coursework question.
the cost which is not change with production fixed cost example rent of factory , employee salaries in case of manufacturing unit , fixed electricity charge etc.
driving to a faraway place to find available goods
Economics... when used with a plural verb. For example, 'what are the economics of such a venture?'
To calculate the average cost in economics, you divide the total cost by the quantity of goods produced. This gives you the cost per unit, which is the average cost.
Brian Patrick McCall has written: 'The economics of search' -- subject(s): Mathematical models, Search theory, Economics
An example of Uniform Cost Search in action is finding the shortest path between two cities on a map. The algorithm considers the cost of each possible path and expands the one with the lowest total cost until it reaches the destination city. This ensures that the most cost-effective path is found.
http://www.google.com/search?hl=en&q=define%3A+Austrian+Economics
economy. that's why it's called economics. for definitions, search encyclopedias.