Q: What is economies of scope?
A: When the language of economics is considered, “economies” is stated as “cost saving” & ‘scope’…
Q: What is marginal benefit? How do you calculate marginal benefit?
A: Marginal benefit refers to the additional benefit that obtained by increasing the output by one more…
Q: What is the Marginal Cost if TC =10+5q What is the marginal cost if TC= 100+5q Explain
A: TC=10+5qNow,MC=∂TC∂qMC=∂(10+5q)∂qMC=10
Q: Define productivity efficiency and allocative efficiency. What conditions must be met in order to…
A: Productive efficiency takes place when production of the optimal combination of output is achieved…
Q: What is the profit motive
A: Profit Motive: It is the firm's motivation that persuades the firm to earn more profit. The profit…
Q: What does the principle of increasing marginal opportunity costs mean
A: Opportunity cost represents the financial cost of the economy regarding a business in making…
Q: What is opportunity cost? Explain the Law of Increasing Opportunity Costs with a numerical table and…
A: The opportunity cost of a good is what you give up to get that item. The opportunity cost is the…
Q: how can i calculate net cost if i have an equation for marginal cost and marginal benefit?
A: Net Cost (NC) is generally used to do cost-benefit analysis. Hence, it is a measure to determine the…
Q: What is relationships between general competitive equilibrium, pareto efficiency and equity in an…
A: Pareto efficiency, or pareto optimality, is an economic state wherever resources can't be…
Q: When most people want to know the cost of an item or a service, they look for a price tag. When…
A: Scarcity is the central problem of economics. The existance of unlimited wants and limited resources…
Q: What is principle of Competitive Output Rule?
A: In economics, the principle of competitive output rule is widely used by firms to make output and…
Q: What is the definite rule to maximize profit?
A: Profit is the difference between total revenue and total cost and profit is maximized where the…
Q: Explain what is meant by allocative efficiency and under what conditions is this efficiency…
A: In a marketplace, efficiency refers to the ability of the market to get output with the given…
Q: What are five [5] differences between Leon Walras and Alfred Marshall?
A: Economists Walras and Marshall stood in opposition to each other on the question of what the extent…
Q: What is marginal revenue and marginal cost?
A: Marginal cost and marginal revenues are main concepts that determine th optimal output of the firm.
Q: TRUE / FALSE Question: Specify below whether the expression in the question is true or false. The…
A: Opportunity cost refers to the change in total cost due to producing one more unit of a goods.
Q: The concept of opportunity cost is based on the principle of need. demand. consumption. O scarcity.
A: Economics is defined as the social sciences that study how an economy manages its limited resources…
Q: How does competition arise out of scarcity? Give an example.
A: Scarcity refers to the limited availability of resources than the required level.
Q: if Colin always gives up producing 2 fidget spinners every time he produces a Pokemon card what is…
A: Opportunity cost refers to the cost of the next-best alternative foregone while making a decision.…
Q: what is profit margin?
A: Profit margin is a measure of profitability. Profit margin is the diffrrence between the cost of…
Q: c) Why Marginal cost curve is U-shaped?
A: Marginal cost is additional cost or increase in total cost as a result of one unit increase or in…
Q: Why do you think that average and marginal cost curves have the same general shape?
A: Average cost: it is the per unit cost of production calculated by using the following formula.
Q: Describe the methods that can be used to to determine where profit is maximized?
A: A firm in short run and long run chooses to maximize its profits. Output levels of the firm are…
Q: What are Opportunity Costs? How is it different from Cost Benefits? (2 PAGES)
A: A producer's expenditure on factor and non-factor inputs for a specific amount of production of a…
Q: what is the difference between the concept of trade off and opportunity cost?
A: For the given question, the difference between trade offs and opportunity cost need to be discussed.…
Q: According to below Figure which of the following point is representing resources are not used t…
A: This depicts a PPF(Production Possibility Frontier). It represents a combination of goods and…
Q: What are transaction costs? How do transaction costs affect the boundaries of a firm?
A: The cost incurred during the process of buying and selling goods and services is referred to as…
Q: What is the best explanation of opportunity cost in economics. Explain with example.
A: Opportunity cost The cost of choosing one option/things over another is known as opportunity…
Q: What is a good way to calculate opportunity cost?
A: Opportunity costs is the next best alternative. It is what you give up when you choose one from the…
Q: Define the term opportunity cost?
A: The opportunity cost is the cost which is incurred by not enjoying the benefits related to the next…
Q: I was wondering what the answer to this problem in Krugman´s microeconomics book is: A benefit…
A: In the short as well as long run they should close the business.
Q: what is the different between average production and marginal production?
A: The average production is the total production divided by the variable input and it is production…
Q: Briefly explain (a) Why the producer prefers stage 2 in production process.
A: There are three stages in the production process. Out of these three stages, the second stage is…
Q: Explain what is meant by opportunity cost of choice
A: The Opportunity cost of alternative is the benefits that has to forego which are available to us…
Q: . Buffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year…
A: As the resources are limited and have alternative uses, people always have to trade off one thing to…
Q: Explain Marginal cost (MC)?
A: Marginal cost is the net addition made to the total cost when one more unit is produced.
Q: riefly Define the Law of Diminishing Marginal Returns and giving a clear example, explain why this…
A: Economics: It refers to the subject in which various plans and policies have been made for the…
What is Cost Competitive Advantage?
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Solved in 3 steps
- What is transaction cost economics?What's the difference between Marginal Benefit and Marginal Cost?Q. A woman complained to “Dear Abby” that a laundry charged $1.25 each to launder and press her husband’s shirts, but for her shirts—the same description, only smaller—the laundry charged $3.50. When asked why, the owner said, “Women’s blouses cost more.” Abby suggested sending all the shirts in one bundle and enclosing a note saying, “There are no blouses here—these are all shirts.” a. Is the laundry practicing price discrimination, or is there really a $2.25 difference in cost? b. Assuming the laundry is engaging in price discrimination, why do men pay the lower price and women the higher? c. Could the laundry continue to separate markets if people followed Abby’s advice? What about the policing costs associated with separating the markets?
- How would you discuss competitive advantage and how a company estimates their own competitive advantage?How do you calculate whether your business has an economic profit using marginal approach to profit maximization? and what does an economic profit means?What is the definite rule to maximize profit?
- Clancy is a hard-working college senior. One Sunday, he decides to work nonstop until he has answered 100 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 The marginal, or additional, gain from Clancy’s first hour of work, from 8:00 AM to 9:00 AM, is problems.What is the difference between explicit and implicit costs in economics?What is an example of another business that stays open even when it's slow, and its revenue does not seem like it could cover its costs? Use microeconomics terms to explain