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ECS1501-25-Y Topics 12 -15
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Explicit costs are all the monetary payments made by a firm, such as paying the water and electricity account, buying stock and paying salaries to workers.
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The short run is defined as the period during which at least two of the inputs are fixed.
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Patricia de Leeuw works as a bank clerk at a salary of R60 000 per year. She resigns from her job to start her own financial consultancy. The salary she earned as a bank clerk forms part of her economic cost of running the consultancy.
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Economic costs of production are based on the principle of opportunity cost.
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Cost is measured in terms of units of labour.
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If total cost increases, the marginal cost is positive.
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If marginal product is zero, total product is at a maximum.
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What is the primary goal of a consumer in achieving equilibrium?
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The demand curve shows
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As a music lover, Neo is willing to pay R200 for his first concert ticket, R150 for the second, and R100 for the third. What does this pattern show?
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