1 Costs of Production
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This document discusses different types of costs in production including: 1) Total costs include all costs of production and increase as output increases. 2) Marginal costs refer to the change in total costs from producing one additional unit of output. 3) In the short run, average costs first decrease as efficiency improves but eventually increase as higher-cost production methods are utilized.
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Detailed Presentation on cost analysis including:
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02 COST CONCEPT AND ITS TYPES
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This document provides an overview of cost theory concepts. It defines different types of costs including opportunity costs, explicit costs, and implicit costs. It also discusses costs in the short run vs long run. Key cost concepts explained include total costs, fixed costs, variable costs, average costs, and marginal costs. Graphs are provided to illustrate the relationships between costs and output, including total cost curves, average cost curves, and how marginal costs change with diminishing returns.
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Detailed Presentation on cost analysis including:
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02 COST CONCEPT AND ITS TYPES
03 BRIEF OVERVIEW OF THE TYPES
04 PRODUCTION COSTS
05 DETERMINANTS OF COSTS
By: Archit Aditya
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Linkedin:https://www.linkedin.com/in/archit-aditya-557958128
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The document discusses cost concepts and their application. It defines different types of costs such as fixed costs, variable costs, opportunity costs, sunk costs, explicit costs, and implicit costs. It also discusses total cost, which is the sum of fixed and variable costs. The total cost equation and linear cost equation are presented. Examples are provided to illustrate calculating total production costs, break-even points, and profits using the total cost equation. Location selection for facilities is also discussed, with factors like proximity to markets and suppliers, labor availability, and costs being considered in a break-even analysis.
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Theory of Production
Theory of Production (Terms only, No Graphs)
Report in Econ101
2-CpE01
Economy & Finance
Education
College
Economics 101
Marginal costing
This document discusses marginal costing, which is a technique for determining costs that differentiates between fixed and variable costs. Fixed costs are charged to contribution, while only variable costs are charged to products. Marginal cost is defined as the change in total cost from producing one additional or fewer unit of output. It is used for managerial decision making like make-or-buy decisions and determining product mix. Absorption costing, in contrast, allocates both fixed and variable costs to cost units. Marginal costing is more suitable for internal reporting and short-term decision making.
Cost theory
The document discusses cost theory concepts including opportunity costs, explicit and implicit costs, short-run and long-run costs, fixed and variable costs, total cost, average cost, and marginal cost. It explains how average, marginal, and total costs are related and how their curves are shaped. Specifically, it summarizes that marginal cost and short-run average cost curves slope upward due to diminishing returns, while the long-run average cost curve is U-shaped as economies of scale initially lower costs but diseconomies later raise them. The envelope relationship shows that short-run average costs are always above the minimum long-run average cost.
managerial economics unit 3 prof dr Kanchan.pptx
This document discusses production functions and cost analysis. It begins by defining a production function as a mathematical equation that relates inputs to outputs. It notes that production functions can be used to determine optimal input levels and minimize costs. The document then discusses several concepts related to production functions including total product, average product, and marginal product. It also outlines several managerial uses of production functions such as determining profitable production levels and prices. The document goes on to explain the Cobb-Douglas production function and provides its mathematical form. It also discusses laws of production and empirical estimation of costs. Finally, it covers short-run and long-run cost curves as well as concepts like fixed costs, variable costs, marginal costs, economies of scale,
Cost of Production (10-1-22)-student notes (2).pdf
Okay, let me break this down step-by-step:
* Explicit costs:
** Labor costs: $12,000
** Rent: $5,000
** Materials: $20,000
* Total explicit costs = $12,000 + $5,000 + $20,000 = $37,000
* Implicit costs:
** Opportunity cost of capital = $4,000
** Mooez's salary as potter = $15,000
** Value of Mooez's entrepreneurial talents = $3,000
* Total implicit costs = $4,000 + $15,000 + $3,000 = $22,000
* Total costs
Cost analysis
This document discusses different types of costs including explicit, implicit, accounting, economic, replacement, fixed, variable, incremental, sunk, total, average, and marginal costs. It also covers cost concepts like total cost, average cost, marginal cost curves. Other topics covered include short run and long run costs, economies and diseconomies of scale, learning curves, and break-even analysis. Key cost relationships and cost minimization are also summarized.
Cost Output Relationship; Estimation of Cost and Output
Dheeraj Rawal presented on cost-output relationships and methods for estimating cost functions. There are two main types of cost estimation: short-run and long-run. Short-run estimation looks at costs when some inputs are fixed, while long-run allows all inputs to vary. Common short-run cost curves include total, average, and marginal cost curves. Long-run estimation derives a minimum cost curve from multiple short-run curves. Methods for estimating cost functions include accounting analysis, high-low analysis, scatterplots, and regression analysis. Challenges include accounting for time periods and cost adjustments over time.
chapter 6.pdf
Cost refers to the total monetary expenditure involved in producing a good or service. There are two main types of costs - explicit costs, which involve direct money payments, and implicit costs, which do not involve direct payments but include imputed values. Total cost is the sum of total fixed costs and total variable costs. Fixed costs do not vary with output, while variable costs do. Marginal cost is the change in total cost from producing one additional unit of output. It is calculated as the change in total cost divided by the change in output. Both average and marginal costs exhibit a U-shaped curve over the short run due to the law of variable proportions.
9 costs class
This document discusses key concepts related to business costs including:
1. It defines economic costs, accounting costs, and sunk costs.
2. It explains the differences between short-run and long-run costs, and how total, average, and marginal costs are calculated in each time period.
3. It provides examples of cost schedules and diagrams cost curves, discussing their characteristics and relationships.
The cost of production/Chapter 7(pindyck)
content
•MEASURING COST: WHICH COSTS MATTER?
•Fixed and variable cost
•Fixed versus sunk cost
•Amortizing Sunk Costs
•Marginal cost
•Average cost
•Determinants of short run cost
•Diminishing marginal returns
•The shapes of cost curves
•The Average–Marginal Relationship
•Costs in a long run
•Cost minimizing input choices
•Isocost lines
•Marginal rate of technical substitution
•Expansion path
•The Inflexibility of Short-Run Production
•Long run average cost
•Economies and Diseconomies of Scale
•The Relationship Between Short-Run and Long-Run Cost
•Break even analysis
COST CONCEPT.pptx
The document defines different types of costs including total fixed cost, total variable cost, total cost, average fixed cost, average variable cost, average cost, and marginal cost. It provides examples of costs that are fixed (rent, insurance, salaries) versus variable (direct labor, energy, raw materials). It also discusses cost estimation and different models used for cost estimation like the learning curve model, segmenting model, per unit model, cost index model, power sizing model, and break even quantity model.
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1 Costs of Production
- 1. Costs of Production Econ 3
- 2. Costs of Production • product costs(MC)changed by one unit totala eachwhen cost (AC) istotal change producing cost unit outputis the the cost of in the Total cost (TC) is is the Average Marginal
- 3. The relationship between marginal and average cost •Changes in marginal will lower average sost costs vice versa costcosts influence average A fall in marginal and
- 4. Short and long run costs • aShortfactors factor the is possible all at isrun costs aretime costs experieced over Long run time are the costs incurred when thereleast oneof when it production to change ofperiodnotcosts production change the quantity the of enough of to
- 5. Fixed and variable costs • variable benot (FC) arebeoutputthezero run have todo costs even as divided changes and Short run paid can if outputisinto fixed and They costs Fixed costs change fixed in short
- 6. Fixed and variable costs • materials,costs. (VC) include the contracts and the pay of costs arein short-term cost costs produced workers also called direct of raw Variable because fuel amd power, overtime payments, transport they are directly related to the amount
- 7. Short run marginal and average costs • outputresulting slowly efficiencyof outputfalls at first as to as increasingafter amarginal thecombinations. can be andthe marginal costs the - sometimes known as resources diminishing because rise cost is resources In rise more riseproductive usually variable The short run, may so rises more certain variable sometimes refferred combined inreturnsin thanlevel volume of is reached, output However, returns
- 8. Short run marginal and average costs • as output expands costs also fall and then rise short run average
- 9. • optimum point oncurve cuts the average costup average cost The marginal as the above it cost higher marginal curve is curve at the lowest point before risinglowest point thethe average costcost pullssometimes referred to as the