Both (a) and (b) Production is an economic activity involving the production of goods as well as services. Goods are tangible as we can see, touch and feel them. But, services are intangible as we can only feel them. Manufacturing of cosmetics is an example of the production of goods, whereas a beauty parlour giving beauty treatment is an example of production of services.
19. The Story Of Village Palampur
252927
What is done to surplus wheat in Palampur?
1 Sold in the market
2 Destroyed
3 Given in charity
4 Stocked by self
Explanation:
Stocked by self
19. The Story Of Village Palampur
252928
The economic costs of production _____________.
1 Includes the explicit cost of inputs plus the opportunity cost of the highest valued income or investment opportunities that are foregone.
2 Includes the cost of fixed and variable production inputs.
3 Includes the explicit cost of inputs plus the sunk costs of assets for which there are no alternative uses.
4 Excludes the explicit cost of inputs but includes the opportunity costs of the highest valued income or investment opportunities that are foregone.
Explanation:
Includes the explicit cost of inputs plus the opportunity cost of the highest valued income or investment opportunities that are foregone. Economic cost is the summation of explicit as well as implicit cost. Implicit cost refers to the opportunity cost of the highest valued income or investment opportunities that are foregone. Thus, the economic cost of production includes the explicit cost of inputs plus the opportunity cost of the highest valued income or investment opportunities that are foregone.
19. The Story Of Village Palampur
252929
What role do medium and large farmers play in the market place?
Both (a) and (b) Production is an economic activity involving the production of goods as well as services. Goods are tangible as we can see, touch and feel them. But, services are intangible as we can only feel them. Manufacturing of cosmetics is an example of the production of goods, whereas a beauty parlour giving beauty treatment is an example of production of services.
19. The Story Of Village Palampur
252927
What is done to surplus wheat in Palampur?
1 Sold in the market
2 Destroyed
3 Given in charity
4 Stocked by self
Explanation:
Stocked by self
19. The Story Of Village Palampur
252928
The economic costs of production _____________.
1 Includes the explicit cost of inputs plus the opportunity cost of the highest valued income or investment opportunities that are foregone.
2 Includes the cost of fixed and variable production inputs.
3 Includes the explicit cost of inputs plus the sunk costs of assets for which there are no alternative uses.
4 Excludes the explicit cost of inputs but includes the opportunity costs of the highest valued income or investment opportunities that are foregone.
Explanation:
Includes the explicit cost of inputs plus the opportunity cost of the highest valued income or investment opportunities that are foregone. Economic cost is the summation of explicit as well as implicit cost. Implicit cost refers to the opportunity cost of the highest valued income or investment opportunities that are foregone. Thus, the economic cost of production includes the explicit cost of inputs plus the opportunity cost of the highest valued income or investment opportunities that are foregone.
19. The Story Of Village Palampur
252929
What role do medium and large farmers play in the market place?
Both (a) and (b) Production is an economic activity involving the production of goods as well as services. Goods are tangible as we can see, touch and feel them. But, services are intangible as we can only feel them. Manufacturing of cosmetics is an example of the production of goods, whereas a beauty parlour giving beauty treatment is an example of production of services.
19. The Story Of Village Palampur
252927
What is done to surplus wheat in Palampur?
1 Sold in the market
2 Destroyed
3 Given in charity
4 Stocked by self
Explanation:
Stocked by self
19. The Story Of Village Palampur
252928
The economic costs of production _____________.
1 Includes the explicit cost of inputs plus the opportunity cost of the highest valued income or investment opportunities that are foregone.
2 Includes the cost of fixed and variable production inputs.
3 Includes the explicit cost of inputs plus the sunk costs of assets for which there are no alternative uses.
4 Excludes the explicit cost of inputs but includes the opportunity costs of the highest valued income or investment opportunities that are foregone.
Explanation:
Includes the explicit cost of inputs plus the opportunity cost of the highest valued income or investment opportunities that are foregone. Economic cost is the summation of explicit as well as implicit cost. Implicit cost refers to the opportunity cost of the highest valued income or investment opportunities that are foregone. Thus, the economic cost of production includes the explicit cost of inputs plus the opportunity cost of the highest valued income or investment opportunities that are foregone.
19. The Story Of Village Palampur
252929
What role do medium and large farmers play in the market place?
Both (a) and (b) Production is an economic activity involving the production of goods as well as services. Goods are tangible as we can see, touch and feel them. But, services are intangible as we can only feel them. Manufacturing of cosmetics is an example of the production of goods, whereas a beauty parlour giving beauty treatment is an example of production of services.
19. The Story Of Village Palampur
252927
What is done to surplus wheat in Palampur?
1 Sold in the market
2 Destroyed
3 Given in charity
4 Stocked by self
Explanation:
Stocked by self
19. The Story Of Village Palampur
252928
The economic costs of production _____________.
1 Includes the explicit cost of inputs plus the opportunity cost of the highest valued income or investment opportunities that are foregone.
2 Includes the cost of fixed and variable production inputs.
3 Includes the explicit cost of inputs plus the sunk costs of assets for which there are no alternative uses.
4 Excludes the explicit cost of inputs but includes the opportunity costs of the highest valued income or investment opportunities that are foregone.
Explanation:
Includes the explicit cost of inputs plus the opportunity cost of the highest valued income or investment opportunities that are foregone. Economic cost is the summation of explicit as well as implicit cost. Implicit cost refers to the opportunity cost of the highest valued income or investment opportunities that are foregone. Thus, the economic cost of production includes the explicit cost of inputs plus the opportunity cost of the highest valued income or investment opportunities that are foregone.
19. The Story Of Village Palampur
252929
What role do medium and large farmers play in the market place?
