Dynamic equilibrium vs equilibrium.
What is the difference between a reaction in dynamic
equilibrium and one at equilibrium?
What is the difference between an open and a closed
system?
Entropy Changes during Egg Development Consider a
system consisting of an egg in an
incubator. The white and yolk of the egg contain
proteins, carbohydrates, and lipids. If fertilized, the egg is
transformed from a single cell to a complex organism. Discuss this
irreversible process in terms of the entropy changes...
Explain the difference between implicit and explicit costs. What
are the differences between accounting and economic profits? Give
examples for both of these concepts.
Explain the difference between explicit costs and implicit
costs. - Explicit costs will involve outflow of cash due to the use
of factors of production is called Explicit Cost. This is also
known as Out-of-pocket Costs. This is an actual occurrence to a
business. There will be recording and reporting of these costs. The
Accounting and Economic Profit will help with calculating of
this.
EX: Salaries, rent,
advertisement,wages, and so on.
-Implicit Costs is in which...
A: explain the difference between fixed and variable cost.
B: explain the difference between explicit and implicit
cost.
C: in the long run in perfect competition economist say that
profit =0 but would any firm be involved in that market in the
first place?
Explain the difference between implicit and explicit costs. Give
two examples of when an explicit cost is different from an implicit
cost.
In your own words, explain the difference between accounting and
economic profit. Give two examples of when they differ.
Finally, explain the difference between economies and
diseconomies of scale. Provide examples of when an actual firm
might benefit from economies of scale or be harmed by diseconomies
of scale.
Explain the difference between implicit and explicit costs. Give
two examples of when an explicit cost is different from an implicit
cost. In your own words, explain the difference between accounting
and economic profit. Give two examples of when they differ. Explain
the difference between economies and diseconomies of scale. Provide
examples of when an actual firm might benefit from economies of
scale or be harmed by diseconomies of scale.