Cost of Accounting and Finance Assignment

QUESTION 1

a. In a business, provide two examples of explicit cost and two examples of implicit cost. Explain how these costs affect accounting and economic profit. 2 Marks. With relevant assumptions, use a numerical example to explain the significance of diminishing marginal returns of a firm. 3 Marks

QUESTION 2. a.Do you agree with the following comment, Firms are to continue production despite making economic losses in the short run Jus????fy using diagram(s) in your explanation. 3 Marks.

                        b.Define game theory and apply the game theory matrix diagram to illustrate and explain a strategic decision you made recently. 3 Marks

QUESTION 3 a. Why is it that in some countries even as real per capita gross domestic product increases, the welfare of many people does not improve? Explain by providing four (4) reasons. 2 Marks

                       b. Economistsre prpredictedng that staff loss could become an issue. Graphically represent and explain howstagflacan occurs and highlight two main economic problems of staff lan. 3 Marks

                       c. It is reported that the consumer price index has increased by 7.3 %. Does this mean that the cost of living for every Australian has increased by 7.3 %? Explain. 3 Marks

                      d. Explain how changes in the partition rate can impact the unemployment rate. 2 MarksQUESTION 4Reserve banks around the world are increasing their cash rate. Use appropriate terminology, and explain how this is done and its impact on economic growth. 4 Marks

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