Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 1 In a business, provide two examples of explicit cost and two examples of implicit cost. Explain how these costs affect accounting and economic

QUESTION 1

  1. In a business, provide two examples of explicit cost and two examples of implicit cost. Explain how these costs affect accounting and economic profit. 2 Marks
  2. With relevant assumptions, use a numerical example to explain the significance of diminishing marginal returns to a firm. 3 Marks

QUESTION 2

  1. Do you agree with the following comment, "Firms are to continue production despite making economic loss in the short run" Justify using diagram(s) in your explanation? 3 Marks

  1. Define game theory and apply the game theory matrix diagram to illustrate and explain a strategic decision YOU made recently. 3 Marks

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Global Development And The Environment Perspectives On Sustainability

Authors: Joel Darmstadter

1st Edition

1317335686, 9781317335689

More Books

Students also viewed these Economics questions

Question

Sketch and label the hierarchy of needs.

Answered: 1 week ago