Differentiate Between Intangible and Tangible Benefits and List Three Examples

question 29

Essay

Differentiate between intangible and tangible benefits and list three examples of each.In what types of systems are intangible benefits more predominant?

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Definitions:

Long-run Cost Function

A representation of the relationship between output and the cost of production when all inputs, including capital, can be varied.

Short-run Cost Function

The costs a company incurs in the production of goods or services within a short period, considering some inputs are fixed.

Long-run Cost Curve

A graphical representation showing the minimum cost at which a firm can produce any given level of output in the long run, when all inputs are variable.

Hair Dryers

Electrical devices used to blow dry hair by emitting warm air.