What is profiteering in economics? What is an explicit cost? Give examples. What could be done to remedy the market failure in the case of Externalities? What are spillover costs? Why do they occur and what can be done about them?
What are the explicit and implicit costs of attending college? Why does the economist classify normal profit as a cost? Is economic profit a cost of production? What is "an opportunity cost?" How does the idea relate to the definition of economics? What is an opportunity cost, and ...
To calculate profit we need to know about costs. Costs are of two types: 1. Explicit costs: It is the expenditures made for purchase of materials and...Become a member and unlock all Study Answers Start today. Try it now Create an a...
An excellent example of an explicit cost is adding new items or services to your business. This marginal cost will require your investment in labor, utilities, materials, and more, and the money could have been used elsewhere. Implicit costs do not involve financial payment, but they indicate ...
Porter, 1985) and explicit profit generation. Whilst value chain analysis focused on cost reduction and competitive positioning and business models on profit making, there was a recognized need to extend this to address more complex value capture. Arend addressed this clearly in 2013, identifying ...
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it does have animplicitcost: lost sales. As another example, a business may have a manager train a new employee. The company of course pays theexplicitcostof the manager’s salary, but there is also the unrecordedimplicitcostof time, productivity, andprofitconsidered to be lost during the ...
1. In which format is an image transferred fastest online? A.Netflix. B.BMP. C.PNG. D.JPEG.2. Which word best replaces the underlined word “perceptible” in paragraph 3? A.Enjoyable. B.Acceptable C.Noticeable. D.Changeable.3. Which of the following best explains “do more with less...
While a plutocracy is a government ruled by the wealthy, an aristocracy is a form of government ruled by an elite few or a privileged, minority ruling class. An aristocracy often has both money and nobility or hereditary favor, such as in historic Britain and India. ...
Happiness economics is an attempt to overcome certain shortcomings of this traditional approach by trying to measure utility, or happiness, more directly. One major shortcoming of traditional utility theory is that because it relies on observed market prices, quantities, and incomes, it cannot account...