221. Describe what else can be used instead of money as a store of value

272. Explainin what ways is monopolistic competition similar to pure competition.
There are two types of embargos, which are: Import embargo: A person or a company would not be able to import goods from a specific nation, such as the United States put an embargo on Cuba. Export embargo: When a firm or any product manufactured by that company is embargoed, it cannot export to the embargoed nation
Ma`lumot kam bo`lsa 256 dan to`ldirasiz
273. Explain whattotal cost means.
total cost, in economics, the sum of all costs incurred by a firm in producing a certain level of output.
The formula to calculate total cost is the following: TC (total cost) = TFC (total fixed cost) + TVC (total variable cost)
Total fixed costs are the sum of all consistent, non-variable expenses a company must pay. For example, suppose a company leases office space for $10,000 per month, rents machinery for $5,000 per month, and has a $1,000 monthly utility bill. In this case, the company's total fixed costs would be $16,000.
The total cost includes both the variable cost (that varies with the change in the total output) and the fixed cost (that remains fixed irrespective of the change in the total output). Thus, total cost includes the cost of all the input factors used for producing a certain level of output.
274. Explainwhat average total cost means.
What is average variable cost? Average variable cost is the cost of all variable expenses involved in creating the product. Variable costs change over time and often depend on the business's production volume, like materials and labor.
In economics, average variable cost (AVC) is a firm's variable costs (labour, electricity, etc.) divided by the quantity of output produced. Variable costs are those costs which vary with the output level: where = variable cost, = average variable cost, and. = quantity of output produced.
To calculate average variable cost (AVC) at each output level, divide the variable cost at that level by the total product. You will get an average variable cost for each output level. For example, on the left at five workers, the VC of $5000 is divided by the TP of 45 to get an AVC of $111.
It is the per unit cost of production obtained by dividing the total cost (TC) by the total output (Q) or mathematically expressed, AC = TC/Q