What was the total economic cost of cleaning up after an eruption?

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).

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.

Differentiate between normal profit and economic profit?

Economic profit is when revenue exceeds total cost of inputs. Normal profit, on the other hand, is net profit less costs.

What is the difference between average costs and marginal costs?

This is the economic distinction equivalent to fully absorbed cost of product and variable cost of product. Average cost is total cost divided by number of units. Marginal cost is the cost to produce the next unit (or the last unit

What is the economic cost of unemployment?

What was the total cost of damage because of mount montserrat?

The total cost of damage because of the eruption of Mount Montserrat is believed to be close to 300 million dollars. The eruption also put a halt to the entire city of Providence and its economy.

Cost for cleaning?

Brighton, CO Cost for cleaning

Difference between accounting profit and economist's profit?

The accounting profit is the difference between total revenue and total cost excluding the economic cost (opportunity cost) of owner-supplied resources such as time and capital. At the other hand, In the economic cost, we include the opportunity cost in our calculations. · When total revenue exceeds both explicit and implicit costs, the firm earns economic profit. · Economic profit is smaller than accounting profit Another answer culed be: Economic Profit is slightly different than accounting profit, which merely the firm's total revenues minus its total costs. Economic profit is defined as total revenues minus total operating costs minus opportunity cost. Opportunity cost is defined as the cost of the profits you forgo by not doing another activity. For example the opportunity costs of opening a lemonade stand is equal to the difference between the accounting profits of the lemonade stand minus the accounting profits of a more profitable hot dog stand.

What was the cost of the damage of the Mt Fuji eruption?

On December 16th 1707 at 10am, Mt Fuji erupted and the eruption lasted for a total of 9days, the damage of the eruption was that 72 homes and 3 Buddhist temples were destroyed, no victims were reported but people did die of starvation as farmlands were buried.

How much money does it cost to rebuild a town after an volcanic eruption?

There is no telling how much money it will cost to rebuild a town after a volcanic eruption. It will cost billions to trillions of dollars.

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.

How much money did it take to recover from the eruption of mt Fuji?

How much did it cost for the eruption of Ruiz,Columbia

What was the financial cost of Krakatoa's eruption?

$1.50! :P

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).

What is an opportunity cost of cleaning your room?

The opportunity cost of cleaning room is depend on the packages and rates of cleaning services because every cleaning service company have their different rates from each other so it is very difficult to tell the exact cost.

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.