Explicit Costs

question 499

Multiple Choice

Explicit costs

• A)do not require an outlay of money by the firm.
• B)enter into the accountant's measurement of a firm's profit.
• C)enter into the economist's measurement of a firm's profit.
• D)Both b and c are correct.

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Definitions:

Mathematical Expression

A combination of numbers, operations symbols, and sometimes variables that represents a mathematical relationship, action, or procedure.

Linear Programming

A mathematical modeling technique used to achieve the best outcome in a given mathematical model for some list of requirements represented as linear relationships.

Decision Variables

Choices available to a decision maker.

Linear Programming

A mathematical technique used for optimization of resources, which involves linear equations to represent constraints and an objective function to maximize or minimize.