The best measure of the economic cost of doing your homework is
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-Eventually rises in the short run because of declining narrow productivity. The better measure of the economic cost of doing your homework is: The advisable opportunity you spring up when you do your homework. Diseconomies of musical scale are reflected in: The rising section of the abundant run average monetary value curve.
The best measure of the economic cost of doing your homework is in 2021
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Opportunity cost of doing homework increases as you spend more time doing it because of the time you are allocating for it.
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The cost approach is based on the economic belief that informed buyers will not pay any more for a product than they would for the cost of producing a similar product that has the same level of utility.
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Economic profit is equal to total revenue minus:
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AN investment center is a component of a business for which the handler has control ended revenues, costs, and capital assets.
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Opportunity price is not AN accounting concept, and so does non appear in the financial records of an entity.
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Simply put, the opportunity cost is what you essential forgo in club to get something.
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Macroeconomics is a limb of economics that studies and analyzes the behavior of an aggregate economy.
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When GDP per capita rises by 5%, IT could mean that gdp for everyone in the lodge has risen away 5% or that the gdp of some groups has risen by more than while the gross domestic product of others has risen by less—or even declined.
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Which is a better measure of economic well-being?
A better measure of economic well-being would be the economy’s output of goods and services that would not be influenced by changes in prices. For this purpose, economists use real GDP which is the value of goods and services measured at constant prices. To compute real GDP, a base year is chosen —say. 1992.
Which is the best measure of the opportunity cost?
The opportunity cost of something is: the next best alternative given up to acquire it. The best measure of the opportunity cost of any choice is: the next best alternative you have given up to make that choice, even if no monetary costs are involved.
What do you need to know about economic cost?
An economic cost is broader than mere accounting costs, which focus only on monetary value. Economic cost also takes into account factors like satisfaction and resources. Analyzing economic costs is an important process used for sound economic decision-making. To unlock this lesson you must be a Study.com Member.
Which is the best way to measure the economy?
Gross domestic product, a measurement that calculates the value of all goods and services produced, has long been a good way to take the financial temperature of the country. Economists use it to determine whether a nation is in an expansion or a recession.
Last Update: Oct 2021
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When economists use of goods and services the word monetary value, we usually average opportunity cost.
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