Answer:
Explicit costs are the monetary costs that a business incurs when it makes a payment, either in the form of wages, or taxes, or to manufacturers, etc.
Implicit costs are the opportunity costs that arise when businesses give up on other options when making a choice. They are not represented by any actual payments.
In this case, we have the following explicit costs:
$420,000 paid to the manufacturer
$247,000 paid in wages and utility bills
And we have the following implicit costs:
$9,000 in rent per year if Hubert rented out the local
$32,000 per year if Hubert worked as a financial advisor
self-organization versus hierarchical organization — a mathematical investigation of the anarchist philosophy of social organization
In combining anarchist theory with mathematics, this thesis wishes to better understand what power and hierarchy are in order to explore how we can live without coercion.
The process by which individuals organise their social relationships to bring about global order through their interactions with one another rather than through external intervention or teaching is referred to as self-organization. The nervous system exhibits many self-organizational characteristics since it is a very complex and dynamic system with several pieces interacting with one another. In this chapter, we will talk about three different types of brain self-organization: self-organization during development, self-organization as a result of experience, and self-organization as a result of damage. The development of the nervous system is affected by self-organization. Since it is difficult to explain how the nervous system, which is highly structured and complicated, can develop from a single fertilised egg, this is a crucial issue in our knowledge of the neurological system.
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Marginal utility is the extra satisfaction gained from consuming one more unit of a good.
Each type of employment has been matched with its definition thus:
- Frictional unemployment: Unemployment associated with workers who are between jobs
- Cyclical unemployment: Unemployment resulting from mismatches between employer needs and employee skills.
- Structural unemployment: Unemployment associated with the highs and lows of the business cycle.
There are different causes of employment. Frictional unemployment is the timeframe between the period an individual lost his job and seeks another.
Structural unemployment is a result of inconsistencies in the labor market.
Cyclical unemployment occurs when the demand from the employee is not met with the skills of the employer.
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Answer:
Elon Musk is the current CEO of Space X
