In this article we will discuss about the measurement of opportunity cost. The reader will also be able to learn about whether opportunity cost can ever be zero or not. In truth, the central problem faced by every society is the allocation of scarce resources to satisfy as many wants as possible. The problem arises because of three characteristics of [...]
Get the answer of: What is meant by the Cost Schedule of a Firm? Also learn about the format of cost schedule. A cost schedule is a table showing the total costs of production at different levels of output and from which marginal costs and average costs can be calculated and cost curves drawn. While preparing such a schedule we [...]
In this article we will discuss about the cost of an individual firm. Also learn about the nature of costs of an individual firm. To produce more output in the short run, a firm must employ more labour and buy more raw materials and other inputs. But, if the firm employs more labour and buys more of other inputs like [...]