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Lesson Posted 5 days ago Tuition/BA Tuition/Economics

Cost Concepts

R Sudharsan

I am an flexible qualified tutor who teaches well in physics, mathematics, chemistry, economics across...

Cost Concepts: The various relevant concepts of costs used in business decisions are discussed below: Opportunity Costs and Outlay Cost. Explicit and Implicit/ Imputed Cost. Historical Cost and Replacement Cost. Short Run and Long run Costs. Out of Pocket and Book Costs. Fixed Cost and Variable Costs. Past... read more

Cost Concepts:

The various relevant concepts of costs used in business decisions are discussed below:

  • Opportunity Costs and Outlay Cost.
  • Explicit and Implicit/ Imputed Cost.
  • Historical Cost and Replacement Cost.
  • Short Run and Long run Costs.
  • Out of Pocket and Book Costs.
  • Fixed Cost and Variable Costs.
  • Past and Future Costs.
  • Traceable Cost and Common Costs.
  • Avoidable Costs and Unavoidable Costs.
  • Controllable Cost and Uncontrollable Cost.
  • Incremental Cost.
  • Total, Average and Marginal Costs.
  • Accounting and Economic Costs.
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Lesson Posted 5 days ago Tuition/BA Tuition/Economics

Economies And Diseconomies Of Scale

R Sudharsan

I am an flexible qualified tutor who teaches well in physics, mathematics, chemistry, economics across...

Economies of scale: Economies of scale refers to the situation where long-run average costs fall as the scale of production is increased. If all factor costs are constant, then increasing returns to scale will result in economies of scale. Possible causes of economies of scale include: specialisation... read more

Economies of scale:

Economies of scale refers to the situation where long-run average costs fall as the scale of production is increased. If all factor costs are constant, then increasing returns to scale will result in economies of scale.

Possible causes of economies of scale include:

  • specialisation and the division of labour, where work is broken down into smaller and smaller tasks in which workers specialise, thereby becoming more efficient and productive.
  • Indivisibilities which refers to the impossibility of dividing some factors (eg large machinery) into smaller units.
  • The “container” principle, whereby the average cost of a unit of output produced by capital equipment that contains things (eg oil tankers) falls with the size of the capital equipment.
  • The greater efficiency of large machines.
  • The production of by-products, in sufficient amounts that they can be sold profitably.
  • Multistage production, which saves the time and cost involved in moving unfinished goods between locations.

These are all plant economies of scale, which arise because of the large size of the factory.

Other possible economies of scale include:

  • Organisational: Perhaps due to rationalisation, which involves reorganizing production to reduce waste and duplication
  • Sspreading overhead costs, ie the general costs associated with running a business that are only loosely related to output level, eg marketing, human resources
  • Financial economies, eg lower interest costs, discounts for bulk purchases
  • Economies of scope, when increasing the range of goods produced reduces the
  • Cost of producing each good, eg shared marketing.

Diseconomies of scale:

Diseconomies of scale refer to the situation where long-run average costs rise as the scale of production is increased. They may arise from:

  • Managerial problems of co-ordination and communication.
  • Alienation and poor motivation of the workforce.
  • Poor industrial relations.
  • Problems in one area holding up all production.
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Lesson Posted on 31 Jan Tuition/BA Tuition

Scope And Methodology Of Economics: Micro Economics

Praveen Pilassery

I respect your money and time. Revisions and regular test papers are part of the course. Promise you...

Scope and Methodology of Economics: What is Economics? Who contributed wealth definition of economics? Who defined economics as “the study of the nature and causes of nations’ wealth or simply as the study of wealth”? Who emphasized the role of the individual in the creation and the... read more

Scope and Methodology of Economics:

  1. What is Economics?
  2. Who contributed wealth definition of economics?
  3. Who defined economics as “the study of the nature and causes of nations’ wealth or simply as the study of wealth”?
  4. Who emphasized the role of the individual in the creation and the use of wealth while defining Economics?
  5. “Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man”, - who contributed this definition of economics?
  6. Who defined economics in terms of scarcity?
  7. Define scarcity definition of economics?
  8. What is growth definition of economics?
  9. Who contributed growth definition of economics?
  10. Who defined economics as ‘Economics is what economists do’?
  11. Who defined Economics as ‘Economics is the logic of rational action’?
  12. Who defined Economics as “Economics studies that part of social welfare which can be brought directly or indirectly into relationship with the measuring rod of money”?
  13. Who defined Economics as “Economics studies how the produce of the earth is distributed”?
  14. Distinguish between technical and economic efficiency?
  15. What is production possibility curve?

Answers

  1. Economics is the study of choice under conditions of scarcity. Hence it deals primarily with the concept of Scarcity.
  2. Adam Smith in his ‘Nature and Causes of Wealth of Nations’ 1776.
  3. Adam Smith.
  4. Alfred Marshal.
  5. Alfred Marshal in his ‘Principles of Economics’ 1890.
  6. Lional Robbins in his Essays on the Nature and Significance of the Economic Science 1932.
  7. “Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”.
  8. “Economics is the study of how people and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternative uses to produce various commodities over time and distributing them for consumption, now or in the future, among various persons or groups in society. It analyses costs and benefits of improving patterns of resource allocation”.
  9. Paul A. Samuelson.
  10. Jacob Viner.
  11. Ludvig Mon Mises.
  12. A.C. Pigou.
  13. David Ricardo.
  14. When a firm, industry or an entire economy utilizes its available resources fully and most effectively and thereby produces maximum possible output of goods and services with the given amount of resources, it is called technical efficiency. Economic efficiency (or allocative efficiency) is achieved by an economy when it is producing the combination of goods and services that people want or prefer and are able to pay for them, given their incomes. Economic efficiency implies that economy’s output-mix or pattern of production of goods and services is such that corresponds to the people’s scale of preferences. Attainment of economic efficiency also involves the achievement of technical efficiency.
  15. Production possibility curve is a graphic representation of alternative production possibilities facing an economy.
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Lesson Posted on 24 Jan CBSE/Class 12/Humanities/Economics CBSE/Class 12/Commerce/Economics Tuition/BA Tuition/Economics +2 CBSE/Class 11/Humanities/Economics Tuition/BSc Tuition/Economics less

Why Study Economics?

Animesh Gaur

I can teach each and every topics very easily and make it stronger for the students.

Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided. Probably the most important reason for studying economics is to learn a way of thinking. Three fundamental concepts: Opportunity cost: Opportunity cost is the... read more

Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.

Probably the most important reason for studying economics is to learn a way of thinking.

Three fundamental concepts:

  • Opportunity cost: Opportunity cost is the best alternative that we forgo, or give up, when we make a choice or a decision.Opportunity costs arise because time and resources are scarce. Nearly all decisions involve trade-offs.
  • Marginalism: There is no free lunch! Profit opportunities are rare because, at any one time, there are many people searching for them.
  • Efficient markets: An efficient market is one in which profit opportunities are eliminated almost instantaneously.

More reasons to study Economics:

  1. Economics involves the study of societal and global affairs concerning resource allocation.
  2. Economics helps us understand global affairs
  3. Economics helps us to be informed voters. Voting decisions require a basic understanding of economics.
  4. Money and financial systems are an important component of the economic system, but are not the most fundamental issue in economics.
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Asked on 12 Jan Tuition/BA Tuition/Programming in JAVA

Can you override a private or static method in Java?

Answer

Lesson Posted on 03 Jan Life Skills Coaching Tuition/BA Tuition/Personal Growth And Development Life Skills Coaching/Soft Skills Training/Personal Effectiveness Training

How To Replace A Bad Habit With A Good One: Actionable Steps You Can Start Right Now

Ritu Mehta

Career Coach and Counselor / Life Coach I can help you - 1. If you are a student, want to talk to...

You want to change. You know you have to change. You don't know how to get started. Keep reading for next steps. Here you go: 1. Try replacing a bad one with a good one instead of focusing on eliminating bad one completely. It is also good to know what gave birth to the bad one in the first place.... read more
You want to change. You know you have to change. You don't know how to get started. 
Keep reading for next steps. Here you go:
 
1. Try replacing a bad one with a good one instead of focusing on eliminating bad one completely. It is also good to know what gave birth to the bad one in the first place. For example, if you find yourself spending a lot of time on social media then maybe you do not have challenging enough goals right now. You have free time and hence you are killing it on the internet. 
 
Think about it, if you are driven enough to complete certain chapters/tasks by the day end then you will not have inclination or time to go online. 
 
Challenge yourself and get going. Aim big.
 
2. Plan ahead: If you know already that you reach out for junk snacks and you are trying to eat clean right now, then buy only healthy snacks. You cant eat what you don't have in stock. You will end up eating what is easily available to you.
 
3. Increase your awareness about yourself, your environment and your trigger points. If you end up drinking too much when you meet the certain group of people and hit the bar, then you got to fix your environment. Choose your company wisely and kill the trigger points of habits you are not so proud of. They say you become like five people you hang out the most. Your inner circle and their lifestyle are very critical in determining your environment. If your parents, siblings, friends are into fitness, there is a very big chance that you are health conscious too. 
 
4. Announce your goals and find support in your inner circle. Or seek the company of people who have same goals as you. Hanging out with like-minded people will keep you inspired and challenged. 
 
5. Forgive yourself if you slip up once in a while: You just have to go back to your new routine and not quit. Pick the learning or trigger of doing so and move on. All of us make mistakes. Making mistakes is okay and acceptable. Getting back in the game is important. 
 
All these steps help you only if you are aware of your gaps and determined to work on them. Awareness comes from deep and honest introspection. Go for it without beating yourself up. Get to the bottom of your behavior and change in behavior, track it and work on it. Come on, it is not rocket science for sure. Now all you need is a dash of passion and persistence.
 
What is that habit you can't give up? 
 
Let me leave this inspiring quote here for you to think about - ''We are what we repeatedly do'' - Aristotle.
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Answered on 20 Jan Tuition/BA Tuition

Do Indians learn portugease and wish to work in Brazil too?

Debarpan Sarkar

Tutor

Learning a foreign language is good. It will help in your job in future.
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Lesson Posted on 23/12/2017 Tuition/BA Tuition/Bio-Mathematics

Altitude, Median & Internal Bisector

Raj Kumar

I am Six Sigma Black belt certified. I am 2011 pass out in B.tech from NIT Srinagar. I am an experienced,...

Difference between median altitude & internal bisector: 1) Median: Line that cuts the opposite side into two equal parts. 2) Altitude: It is related to angle & line drawn from one vertex will be perpendicular or 90° to poosite Side. 3) Internal Bisector: It divides the angle into two equal... read more

Difference between median altitude & internal bisector:

1) Median: Line that cuts the opposite side into two equal parts.

2) Altitude: It is related to angle & line drawn from one vertex will be perpendicular or 90° to poosite Side.

3) Internal Bisector: It divides the angle into two equal half angles when line is drawn from any one of three vertex of traingle.

4) Median Can be altitude & internal bisector.

5) Altitude also can be median. But not necessary that it will be internal bisector.

6) Internal bisector can be median & altitide also.

7) If Two half equal angle, opposite side is divided into  two equal parts & perpendicular to opposite side.

Then, Altitude=median=Internal Bisector.

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Asked on 23/12/2017 Tuition/BA Tuition/General Psychology

Anyone interested in psychology tuitions?

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Lesson Posted on 23/12/2017 Tuition/BA Tuition/C++ Programming

C++: Array As Function Argument

Ashutosh Singh

I can teach each and every topics very easily and make it stronger for the students.

Array as Function Argument: C++ #include using namespace std; void f1(int a[], int size) //A user-defined function which takes an 'int array' as arguments { for(int i=0;i<size;i++) { cout<<a[i]<<endl; } } int main() { int ar[]={1,2,3,4,5,6,7,8,9,10,11}; f1(ar,7);... read more

Array as Function Argument: C++

 
#include
using namespace std;

void f1(int a[], int size)    //A user-defined function which takes an 'int array'  as arguments
{
  for(int i=0;i<size;i++)
 {
   cout<<a[i]<<endl;
 }

}

int main()
{
    int ar[]={1,2,3,4,5,6,7,8,9,10,11};
    f1(ar,7);    //passing array name and no. of elements(less than actual) to be displayed as args
    f1(ar,11);   //passing array name and no. of elements(equal to actual) to be displayed as args
    f1(ar,15);   //passing array name and no. of elements(more than actual) to be displayed as args
    return 0;
}
 
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