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In economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered. [ 1 ] [ 2 ] Sunk costs are contrasted with prospective costs , which are future costs that may be avoided if action is taken. [ 3 ]
It is the opposite of an explicit cost, which is borne directly. [1] In other words, an implicit cost is any cost that results from using an asset instead of renting it out, selling it, or using it differently. The term also applies to foregone income from choosing not to work.
In microeconomics, diseconomies of scale are the cost disadvantages that economic actors accrue due to an increase in organizational size or in output, resulting in production of goods and services at increased per-unit costs. The concept of diseconomies of scale is the opposite of economies of scale.
In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, ...
In economics, nominal value refers to value measured in terms of absolute money amounts, whereas real value is considered and measured against the actual goods or services for which it can be exchanged at a given time.
In many applications, objective functions, including loss functions as a particular case, are determined by the problem formulation. In other situations, the decision maker’s preference must be elicited and represented by a scalar-valued function (called also utility function) in a form suitable for optimization — the problem that Ragnar Frisch has highlighted in his Nobel Prize lecture. [4]
A mom took to Reddit after she was asked to pay for her daughter's expenses from a vacation the girl took with a friend. An etiquette expert sounded off about the unusual travel experience.
Basis (or cost basis), as used in United States tax law, is the original cost of property, ... Max Gain is the exact opposite of Min Tax. 2012 legislation changes