Comments on: Principles of Microeconomics Introduction http://www.discusseconomics.com/microeconomics/principles-of-microeconomics-introduction/ Join the conversation on a variety of economic and finance discussions. Sun, 05 Feb 2012 11:15:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Noemi http://www.discusseconomics.com/microeconomics/principles-of-microeconomics-introduction/comment-page-1/#comment-33446 Noemi Wed, 28 Sep 2011 22:24:06 +0000 http://www.discusseconomics.com/articles/microeconomics/principles-of-microeconomics-introduction/#comment-33446 Wikipedia calls implicit costs opportunity costs. There are other implicit costs, apart from opportunity costs. For example, the loss of value in your machine (different than the opportunity cost of your investment in the machine): every year because of the use you have given to it, your machine will have a different value (approximated by its market price) Wikipedia calls implicit costs opportunity costs. There are other implicit costs, apart from opportunity costs. For example, the loss of value in your machine (different than the opportunity cost of your investment in the machine): every year because of the use you have given to it, your machine will have a different value (approximated by its market price)

]]> By: Noemi http://www.discusseconomics.com/microeconomics/principles-of-microeconomics-introduction/comment-page-1/#comment-33445 Noemi Wed, 28 Sep 2011 22:20:06 +0000 http://www.discusseconomics.com/articles/microeconomics/principles-of-microeconomics-introduction/#comment-33445 Because it is measured in the units of production and the monetary units... you will obtain a different number if it is grams or pounds or whatever. Elasticities is % per % point, so you can measure your production in grams or pounds or whatever, the number for elasticity should stay the same (same for euros, dollars, etc) Because it is measured in the units of production and the monetary units... you will obtain a different number if it is grams or pounds or whatever. Elasticities is % per % point, so you can measure your production in grams or pounds or whatever, the number for elasticity should stay the same (same for euros, dollars, etc)

]]> By: Shane Curran http://www.discusseconomics.com/microeconomics/principles-of-microeconomics-introduction/comment-page-1/#comment-31806 Shane Curran Mon, 21 Mar 2011 18:50:13 +0000 http://www.discusseconomics.com/articles/microeconomics/principles-of-microeconomics-introduction/#comment-31806 Ahmed: I think you are asking why the slope of the supply curve is different from the elasticity of supply. The slope of the supply curve is calculated as the change in price divided by the change in quantity. Elasticity is calculated by taking the percent change in quantity divided by the percentage change in price. Ahmed: I think you are asking why the slope of the supply curve is different from the elasticity of supply. The slope of the supply curve is calculated as the change in price divided by the change in quantity. Elasticity is calculated by taking the percent change in quantity divided by the percentage change in price.

]]> By: Ahmed http://www.discusseconomics.com/microeconomics/principles-of-microeconomics-introduction/comment-page-1/#comment-31519 Ahmed Sun, 14 Nov 2010 14:38:37 +0000 http://www.discusseconomics.com/articles/microeconomics/principles-of-microeconomics-introduction/#comment-31519 Why is the slope of supply an unsatisfactory measure of the responsiveness in the quantity supplied of a commodity to a change in its price? Why is the slope of supply an unsatisfactory measure of the responsiveness in the quantity supplied of a commodity to a change in its price?

]]> By: Smiledon http://www.discusseconomics.com/microeconomics/principles-of-microeconomics-introduction/comment-page-1/#comment-30917 Smiledon Thu, 09 Sep 2010 11:21:36 +0000 http://www.discusseconomics.com/articles/microeconomics/principles-of-microeconomics-introduction/#comment-30917 Why we need to know all this? Isn't it easier to use dedicated software like ERP and <a href="http://www.zinpio.com" title="" rel="nofollow">CMS</a>? Why we need to know all this?
Isn't it easier to use dedicated software like ERP and CMS?

]]> By: Sascha http://www.discusseconomics.com/microeconomics/principles-of-microeconomics-introduction/comment-page-1/#comment-29975 Sascha Fri, 23 Jul 2010 09:54:10 +0000 http://www.discusseconomics.com/articles/microeconomics/principles-of-microeconomics-introduction/#comment-29975 Being an ignorant I decided to look up what the difference between implicit and explicit costs is. So here an example for everybody. From Wikipedia: Implicit Cost + Explicit Cost = Total Cost. Implicit cost is NOT equal to total cost, but a component of it. A simple example: Paul builds a cabinet. He spends 2 hours building the cabinet. He could have been working instead and normally makes $25/hour at his job. Since he was building a cabinet he wasn't paid for this time. The materials to make the cabinet cost him $20. * His Explicit Costs are: $20 in materials * His Implicit Costs are: $25/hr x 2 hrs= $50 of foregone pay * His Total Costs are: $20 in materials + $50 of foregone pay = $70 Total Costs ciaooo Being an ignorant I decided to look up what the difference between implicit and explicit costs is. So here an example for everybody.

From Wikipedia:

Implicit Cost + Explicit Cost = Total Cost. Implicit cost is NOT equal to total cost, but a component of it. A simple example: Paul builds a cabinet. He spends 2 hours building the cabinet. He could have been working instead and normally makes $25/hour at his job. Since he was building a cabinet he wasn't paid for this time. The materials to make the cabinet cost him $20.

* His Explicit Costs are: $20 in materials
* His Implicit Costs are: $25/hr x 2 hrs= $50 of foregone pay
* His Total Costs are: $20 in materials + $50 of foregone pay = $70 Total Costs

ciaooo

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