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Economic-Obj
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8i) In economics, average cost or unit cost is equal to total cost (TC) divided by the number of units of a good produced (the output Q): Average cost has strong implication to how firms will choose to price their commodities.

ii) In economics, marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit; that is, it is the cost of producing one more unit of a good. in cost.

(iii) The Total Cost is the actual cost incurred in the production of a given level of output. In other words, the total expenses (cost) incurred, both explicit and implicit, on the resources to obtain a certain level of output is called the total cost.

(iv) An explicit cost is a direct payment made to others in the course of running a business, such as wage, rent and materials, as opposed to implicit costs, where no actual payment is made.

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(9a)
A tax is a mandatory fee or financial charge levied by any government on an individual or an organization to collect revenue for public works providing the best facilities and infrastructure. The collected fund is then used to fund different public expenditure programs.

(9b)
(i)Fairness or equity: It means that everybody should pay a fair share of taxes.
(ii) Simplicity: It means that taxpayers can avoid a maze of taxes, forms and filing requirements.
(iii) Adequacy: It means that taxes must provide enough revenue to meet the basic needs of society.
(iv) Transparency: It means that taxpayers and leaders can easily find information about the tax system and how tax money is used.

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(12i)
A perfect market is market that is structured to have no anomalies that would otherwise interfere with the best prices being obtained.

(12ii)
(i) All producers contribute insignificantly to the market. Their own production levels do not change the supply curve.

(ii) All producers are price takers. They cannot influence the market. If a firm tries to raise its price consumers would buy from a competitor with a lower price instead.

(iii) Products are homogeneous. The characteristics of a good or service do not vary between suppliers.

(iv) Both buyers and sellers have perfect information about the price, utility, quality, and production methods of products.

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