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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 following people buy fewer televisions as the cost for televisions gets higher?

That is an example of how economics works.


What is fixed cost in economics?

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 does choice arise in economics. Use an example to discuss the concepts of choice and opportunity cost?

why don't you get on with the coursework question.


What is the meaning of fixed cost in economics?

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.


What is an example of a search cost?

driving to a faraway place to find available goods


What is the plural form of Economics?

Economics... when used with a plural verb. For example, 'what are the economics of such a venture?'


How can one calculate the average cost in economics?

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.


What has the author Brian Patrick McCall written?

Brian Patrick McCall has written: 'The economics of search' -- subject(s): Mathematical models, Search theory, Economics


Can you provide an example of Uniform Cost Search in action?

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.


What is Austrian Economics?

http://www.google.com/search?hl=en&q=define%3A+Austrian+Economics


The general concern of economics is with the study of the?

economy. that's why it's called economics. for definitions, search encyclopedias.