Monash

Semester 1, 2017


Microeconomics ECF1100 Summary of "Rules" HD

8 pages

2,487 words

$29.00

Description

This document contains a highly summarised version of the various rules that you need to remember for the Final Exam. E.g. Opportunity cost = things that must be forgone to acquire another item
Total cost of a business = implicit + explicit costs
Implicit = costs that do not require an outlay of money by the firm
Explicit = costs that require an outlay of money by the firm.