A5+Economic+versus+Accounting+Costs

A5 Economic versus A - (2 Entrepreneur’s Time c Land i Accounting(1 Mortgage Payments ii Economic(1 Rental Payments(2 Return on Sale 2

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Frank Chapter 10 (Blue Book) 1. Identify, define, and give three examples of the three kinds of production inputs.
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1) Types of Costs a) Capital i) Accounting (1) Depreciation, or (2) Mortgage Payments ii) Economic (1) Rental Payments (2) Return on Scrap b) Labor i) Accounting (1) Wage ii) Economic (1) Wage – Assumed resource moves to best use on its own accord
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Unformatted text preview: (2) Entrepreneur’s Time c) Land i) Accounting (1) Mortgage Payments ii) Economic (1) Rental Payments (2) Return on Sale 2) Simplifying Assumptions a) Competitive factor market b) Homogeneous inputs...
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This note was uploaded on 04/10/2008 for the course ECON 3150 taught by Professor Tittle during the Spring '08 term at Georgia Institute of Technology.

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A5 Economic versus A - (2 Entrepreneur’s Time c Land i Accounting(1 Mortgage Payments ii Economic(1 Rental Payments(2 Return on Sale 2

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