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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.
Managerial economics is an art or science.explain?
Both! The ideas and concepts behind managerial economics all have a scientific basis. Some managerial decisions made using managerial economics can employ scientific explanations. On the other hand, many managerial decisions made using the concepts of managerial economics are very subjective. One must, for example estimate the intentions of competitor firms. While some of this is scientific, some of it is luck and some of it is an art.
What is an example of opportunity cost in economics and how does it impact decision-making?
An example of opportunity cost in economics is choosing to spend money on a vacation instead of investing it in the stock market. The impact of this decision is that the potential gains from investing in the stock market are forgone in favor of the enjoyment and experiences gained from the vacation. This concept of opportunity cost influences decision-making by requiring individuals to weigh the benefits of different choices and consider what they are giving up in order to make a decision.
What is the example of opportunity seeker?
examples of opportunity seekers
What is an example of margin in economics?
KK
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.
Managerial economics is an art or science.explain?
Both! The ideas and concepts behind managerial economics all have a scientific basis. Some managerial decisions made using managerial economics can employ scientific explanations. On the other hand, many managerial decisions made using the concepts of managerial economics are very subjective. One must, for example estimate the intentions of competitor firms. While some of this is scientific, some of it is luck and some of it is an art.
What is an example of opportunity cost in economics and how does it impact decision-making?
An example of opportunity cost in economics is choosing to spend money on a vacation instead of investing it in the stock market. The impact of this decision is that the potential gains from investing in the stock market are forgone in favor of the enjoyment and experiences gained from the vacation. This concept of opportunity cost influences decision-making by requiring individuals to weigh the benefits of different choices and consider what they are giving up in order to make a decision.
Briefly discuss Value with the help of example?
In economics value means value in exchange ie value of a commodity is the amount of other goods and services which is obtained in exchange for it.
What is the plural form of Economics?
Economics... when used with a plural verb. For example, 'what are the economics of such a venture?'
What is the example of opportunity seeker?
examples of opportunity seekers
What is an example of margin in economics?
KK
What is the present tense of discuss?
I/you/we/they discuss. He/she/it discusses. The present participle is discussing.
What is an example of concepts?
An example of a concept is called a prototype.
What does opportunity?
An opportunity means a possibility, or something similar to that. Example: That girl is single! What a great opportunity for you!
What is example of fungible good in economics?
potatoe
Give an example of an outcome in the game of economics?
Increased sales which translates to increased revenues is an example of an outcome in the game of economics. There is usually circulation of currency in such an economy.
