Examlex
The final step in a master budget is the preparation of the:
Economic Profits
Profits earned by a company after accounting for both explicit (direct) and implicit (opportunity) costs.
Marginal-Cost Curve
A graph that shows the relationship between the marginal cost of producing an additional unit and the total quantity of the product produced.
Law of Diminishing
A principle stating that as more units of a variable input are added to fixed inputs, the additional output from each new unit of input eventually decreases.
Implicit Costs
The opportunity costs associated with a company's own resources, not directly paid for with cash but are the result of using assets instead of investing them elsewhere.
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