Subject: Economics, asked on 7/4/17

Solve this :

A farmer produces 50 quintals of wheat, in the process of production he utilises factor inputs whose detail is given below :                                                                                          Amount ( in Rs. )    
(i)  Wages paid to hired labour                                                              2400
(ii) Rent of farmer's own land                                                                6500
(iii)Salary for self supplied services                                                        7600 
(iv)Payment for seeds, fertilizers etc.                                                     4500  
(v) Depreciation                                                                                   1600
(vi)Borrowing from bank( @ 12% per annum)                                      40,000
(vii)Total money invested                                                                      60,000

From the information given, calculate
a) Accounting costs
b) Implicit costs
c) Economic costs
d) Average cost of production of wheat

Subject: Economics, asked on 25/10/16

What are you looking for?