Microeconomics ECF1100 Summary of "Rules" HD

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.