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Total revenue is the total amount earned from sales and is calculated as price times quantity sold. Marginal revenue is the change in total revenue from selling one more unit. There are two types of costs - fixed costs that do not change with output like rent, and variable costs that do change like labor. Total cost is the sum of fixed and variable costs. Marginal cost is the change in total cost from producing one more unit. Businesses aim to produce at the quantity where marginal cost equals marginal revenue to maximize profit, which is total revenue minus total cost. E-commerce firms have lower fixed costs than traditional stores since they do not need physical retail space or large inventories.
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Economics deals with the production, distribution, and consumption of goods and services. People face tradeoffs in making choices due to limited resources. The opportunity cost of a choice is the next best alternative given up. Supply and demand determine the price of goods. Scarcity means human wants exceed limited resources, so choices must be made.
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The document discusses the concept of supply. It makes three key points:
1. The law of supply states that the quantity supplied of a good rises as the price rises and falls as the price falls, other factors remaining constant. This relationship is represented by the upward-sloping supply curve.
2. A movement along the supply curve shows the effect of a price change on quantity supplied, holding all else equal. A shift of the supply curve indicates how quantity supplied is affected by non-price factors like input prices, technology, taxes, and expectations.
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The document discusses the law of demand and factors that can cause a shift in demand. It explains that according to the law of demand, as price increases, quantity demanded decreases, and as price decreases, quantity demanded increases. It then lists several factors that can cause the entire demand curve to shift, representing a change in demand: consumer income, substitutes, expectations about the future, consumer tastes, complements to the product, and changes in the number of consumers or market size.
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4 early roman republic
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2. It then focuses on the Punic Wars between Rome and Carthage, in which the brilliant Carthaginian general Hannibal crossed the Alps into Italy but was ultimately defeated by Rome.
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This document discusses economic systems and the production possibilities frontier. It defines an economic system as the way a country decides to use its resources and production factors. There are three main types of economic systems - traditional, market, and command economies. A traditional economy relies on customs, while a market economy uses supply and demand and a command economy has the government control production. Most countries now use a mixed economy. The production possibilities frontier model shows the maximum combinations of two goods an economy can produce with full efficiency and available resources. Its shape is bowed out due to the law of increasing opportunity costs. The frontier can shift due to economic growth, changes in resources, capital, or technology.
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The document discusses the bullwhip effect in supply chains and the value of information in reducing it. It defines the bullwhip effect as increased variability in orders moving up the supply chain. Centralizing demand information across firms can significantly reduce the bullwhip effect by allowing each stage to use actual customer demand data for forecasting rather than relying on variable order data from the previous stage. Other factors that influence the bullwhip effect include demand forecasting methods, lead times, order batching, and price variability, which can be mitigated through information sharing and coordination strategies.
Lec 04 Production Possibilities and Opportunity Cost
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The production possibilities frontier (PPF) is the boundary between those combinations of goods and services that can be produced and those that cannot.
To illustrate the PPF, we focus on two goods at a time and hold the quantities of all other goods and services constant.
That is, we look at a model economy in which everything remains the same (ceteris paribus) except the two goods we’re considering.
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2. It discusses three scenarios for a monopoly making supernormal profits: an increase in demand increases output and profits; an increase in costs decreases output and profits; and an increase in fixed costs eliminates supernormal profits.
3. For each scenario, the document uses diagrams to show how the relevant curves shift and how the monopoly should adjust its output level to maximize profits.
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13.3 the age of chivalry (1)
Knighthood became the most important part of medieval armies after 700 CE due to technological changes like stirrups. Knights fought for feudal lords and were rewarded with land. By 1100, knights followed a code of chivalry to protect the weak, serve their lord and lady. Boys began training as young as 7 and were usually knighted at 21 through experience in local wars and tournaments. Epic poems and love songs composed by troubadours helped glorify knights and their duties to their ladies.
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Report in Econ101
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Education
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- In the short run, firms have fixed costs that do not depend on output level. They also have variable costs that vary with output. Total costs are the sum of fixed and variable costs.
- Marginal cost is the change in total cost from producing one additional unit. It reflects changes in variable costs. Marginal cost typically rises as output increases in the short run due to diminishing returns.
- A profit-maximizing firm will produce the quantity where marginal revenue equals marginal cost. In perfect competition, this occurs where price equals marginal cost.
Elements of Demand and Supply
The document discusses the economic concepts of demand, supply, and market equilibrium. It defines demand as the quantity of a good or service consumers are willing and able to purchase at a given price. The main determinants of demand are price, income, tastes and preferences, and prices of related goods. Supply is defined as the maximum quantity of a good producers can offer. The main determinants of supply are costs of inputs, technology, and government taxes/subsidies. Market equilibrium occurs when quantity demanded equals quantity supplied, resulting in a balance between the opposing forces of consumers and producers.
Introduction and type of DEMAND and GOODS.
This document provides an introduction to demand, defining it as the quantity of a commodity a consumer is willing and able to purchase at a given price over a period of time. It then describes the different types of demand, including autonomous vs derived demand, industry vs company demand, and joint vs rival demand. The document also distinguishes between consumer goods and producer goods, durable vs non-durable goods, perishable vs non-perishable goods, inferior vs superior goods, luxury goods, prestige goods, and complementary goods.
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The document describes three main types of economic systems - traditional, command, and market - and how they each answer the three basic economic questions of what to produce, how to produce, and for whom to produce. It also explains that most modern economies exist along a continuum between the purely market-driven and purely command-driven models, incorporating elements of both through government intervention and private enterprise.
4 Value Of Information
The document discusses the bullwhip effect in supply chains and the value of information in reducing it. It defines the bullwhip effect as increased variability in orders moving up the supply chain. Centralizing demand information across firms can significantly reduce the bullwhip effect by allowing each stage to use actual customer demand data for forecasting rather than relying on variable order data from the previous stage. Other factors that influence the bullwhip effect include demand forecasting methods, lead times, order batching, and price variability, which can be mitigated through information sharing and coordination strategies.
Lec 04 Production Possibilities and Opportunity Cost
Production Possibilities and Opportunity Cost
The production possibilities frontier (PPF) is the boundary between those combinations of goods and services that can be produced and those that cannot.
To illustrate the PPF, we focus on two goods at a time and hold the quantities of all other goods and services constant.
That is, we look at a model economy in which everything remains the same (ceteris paribus) except the two goods we’re considering.
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Contains description and examples of substitution effect, income effect, and law of diminishing marginal utility
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AS How markets and prices allocate resources
This document discusses how markets allocate resources through the interaction of economic agents and prices. It identifies the three main economic agents as consumers, producers, and owners of factors of production. Consumers aim to consume as much as possible for the lowest cost, producers aim to maximize profits, and owners of factors aim to sell their resources to the highest bidder. Adam Smith argued that if each agent acts in their own self-interest, the invisible hand of the market will ensure resources are allocated to producing goods and services that are most valued. Prices ration scarce resources, provide incentives to producers, and signal information to all agents.
Supply ppt
The document defines supply as the quantity of a commodity offered for sale at a given price during a specific time period. It states that the law of supply is that, other things remaining the same, quantity supplied rises with price and falls with lower price. The supply curve slopes upward due to factors like diminishing marginal productivity and profit maximization goals of producers. The determinants of supply include price of the commodity, price of related goods, technology, costs, and government policy. The document discusses individual and market supply schedules and curves, and how movements along and shifts of the supply curve represent changes in quantity supplied and changes in supply, respectively.
Ancient China Cultures
The document discusses several aspects of ancient Chinese culture including language, religion, philosophy, rituals, art, literature, and their influences. The main philosophies discussed are Confucianism, Daoism, and Legalism. Confucianism focused on respect for elders and morality while Daoism emphasized withdrawing from the world and living simply. Legalism, approved by Emperor Shi Huangdi, prioritized harsh laws and control. Rituals centered around family, education, and ancestor worship. Calligraphy, silk, and ceramics were influential art forms. Literature included Confucian and Daoist texts along with the Five Classics until books were burned under Shi Huangdi.
The Concept of Supply
This document defines supply as the quantity of goods and services producers are willing and able to provide at various prices over a given period. It distinguishes between stock, which is existing output, and supply, which is output brought to market. The supply schedule shows the different quantities supplied at different prices, while the supply curve graphs this relationship. Determinants that shift the supply curve include improvements in technology, production costs, the number of sellers, taxes and subsidies, and weather conditions.
Long run for monopoly
1. The document explains the long-run equilibrium for a monopoly, including how changes in demand and supply impact the market structure.
2. It discusses three scenarios for a monopoly making supernormal profits: an increase in demand increases output and profits; an increase in costs decreases output and profits; and an increase in fixed costs eliminates supernormal profits.
3. For each scenario, the document uses diagrams to show how the relevant curves shift and how the monopoly should adjust its output level to maximize profits.
Martin luther and the reformation
Martin Luther was troubled by the Catholic Church's practice of selling indulgences to forgive sins and fund the rebuilding of St. Peter's Basilica in Rome. In 1517, he wrote the 95 Theses criticizing indulgences and questioning papal authority. He nailed the theses to the door of the Wittenberg Castle church to debate fellow scholars. This sparked the Protestant Reformation as his ideas spread through printing and divided Western Christianity into Catholic and Protestant branches that still exist today.
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Lec 04 Production Possibilities and Opportunity Cost
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13.3 the age of chivalry (1)
Knighthood became the most important part of medieval armies after 700 CE due to technological changes like stirrups. Knights fought for feudal lords and were rewarded with land. By 1100, knights followed a code of chivalry to protect the weak, serve their lord and lady. Boys began training as young as 7 and were usually knighted at 21 through experience in local wars and tournaments. Epic poems and love songs composed by troubadours helped glorify knights and their duties to their ladies.
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13.2 feudalism in europe
Feudalism emerges in Europe as a political and economic system based on landholding and protection in exchange for services. As invaders like the Vikings, Magyars, and Muslims attacked Europe, feudalism structured society into a pyramid with the king at the top, lords and nobles below providing land grants to vassals who became knights and protected the land. Society was divided into those who fight, those who pray, and those who work, mainly peasants who lived on self-sufficient manors providing goods to the lord in exchange for housing and protection.
13.1 charlemagne unites germanic kingdoms
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Mesoamerica Chapter 9
The Olmecs were the first major civilization in Mesoamerica, located along the Gulf of Mexico between 1500-400 BC. They influenced other cultures through trade and carved stone art. The Maya civilization flourished from 300 BC to 900 AD across Central America, establishing powerful city-states like Tikal. They were skilled farmers, astronomers, mathematicians and developed hieroglyphics. The Aztecs built the large city of Tenochtitlan in central Mexico from the 1200s-1500s and had an empire ruled by an emperor. They practiced human sacrifice as part of their polytheistic religion. The Incas ruled over a large empire from Ecuador to Chile from the 1100s-1500s with the city
12.3 the mongol empire
Kublai Khan conquered China and established the Yuan Dynasty in 1279, becoming the first non-Chinese ruler of the region. As emperor, he adopted Chinese customs and encouraged foreign trade, inviting merchants to China. One such trader was Marco Polo, who visited Kublai's court and later wrote accounts that helped introduce Chinese culture to Europe. However, the Yuan Dynasty declined in the late 1300s due to overtaxation and rebellions, leading to the rise of the native Ming Dynasty.
Unit 10 Globalization p
Globalization increased economic interdependence between nations after World War 2 through the creation of international organizations like the World Bank and IMF. While globalization has increased world GDP and trade, it has also contributed to growing inequality between rich and poor nations. Some nations and corporations now have more wealth than many countries. Globalization impacts many aspects of modern life but also creates challenges around issues like child labor, outsourcing of jobs, environmental degradation, and cultural homogenization. Different groups respond in various ways to the effects of increasing global connections and integration of world economies and societies.
5.2 warring city states
The document summarizes the development of political systems and governments in ancient Greece, including the rise of city-states and the emergence of democracy in Athens in the 7th century BC. It also describes the unique militaristic society developed in Sparta and the Greek city-states' victories over the Persian Empire in the 5th century BC, which led to Athens becoming the dominant power in the region.
4.1 The Egyptian and Nubian Empires
The document summarizes the connections between ancient Egypt and Nubia. It describes how the two civilizations along the Nile River influenced each other through trade and political power shifts over centuries. At times Egypt dominated Nubia, while Nubian kingdoms like Kush and the city of Meroe also rose to conquer Egypt, demonstrating the two empires alternated in exerting political control along the Nile from 2000 BC to 350 AD.
11.3 turkish empires rise in anatolia
The Seljuks, a Turkish family, seized control of Baghdad in 1055 and defeated the Byzantine Empire in 1071, taking over most of Anatolia. To secure local support, the Seljuks embraced Persian culture, language, and Islam. Under Malik Shah, the Seljuk Empire grew powerful but fragmented after his death. The Seljuks confronted both the Crusaders and later the Mongols, with the Mongol conquest of Baghdad in 1258 marking the end of Seljuk rule.
12.1 tang and song china
During the Tang and Song dynasties, China experienced a golden age of prosperity, population growth, and technological innovation. The Tang Dynasty expanded the empire and established a civil service system, while the Song Dynasty restored order and saw advances in agriculture, trade, science, and the arts. This period marked China's peak as the most advanced and populated country in the world.
6.5 rome and the roots of western civilization (1)
The Romans adopted aspects of Greek culture, resulting in Greco-Roman civilization. They developed skills in bas-relief sculptures, mosaics, painting frescoes, and the preserved art in Pompeii after the volcanic eruption in 79 AD. The Romans also borrowed Greek philosophy, literature, and the Latin language became the basis for romance languages like French, Spanish and Italian. They were master builders who pioneered the use of arches and concrete and built aqueducts to transport water. Roman principles of law also form the basis of modern legal systems and Rome strengthened Western culture by preserving Greek civilization.
8 Africa
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6 1 the roman republic
Rome was founded between 1000-500 BC by Latins on seven hills along the Tiber River in central Italy due to its fertile soil and strategic location. Originally ruled by Etruscan kings, Rome became a republic in 509 BC with citizens electing leaders like consuls and tribunes. Rome expanded its power by conquering neighboring peoples and defeating rivals like Carthage in the Punic Wars, allowing Rome to control the entire Italian peninsula and become the dominant power in the Mediterranean by 146 BC.
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The document summarizes the decline of the Roman Empire from the late 2nd century AD to the 5th century AD. It discusses economic problems, agricultural decline, overtaxation, and inflation that weakened Rome. Military issues like less disciplined troops and declining patriotism also hurt Rome. Emperors like Diocletian and Constantine tried reforms to bolster the military and split the empire but this did not stop invasions by Germanic tribes and Attila the Hun. By 476 AD, the Western Roman Empire had collapsed with the ousting of the child emperor Romulus Augustulus.
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6.5 rome and the roots of western civilization (1)
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Similar to Ch 5.2 and_5.3_notes
Costs Of Production Micro Economics ECO101
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The document then explains the differences between short-run and long-run time frames. In the short-run, capital is fixed while variable inputs can change, while in the long-run all inputs are variable. It introduces the concepts of total, average, and marginal costs. Finally, it discusses how
Chap4
1. The document discusses the production process of firms, including the concepts of production, costs, profits, and the production decision process.
2. It explains the differences between accounting costs, economic costs, explicit costs, and implicit costs. Accounting profits consider explicit costs only, while economic profits consider both explicit and implicit costs.
3. The production process involves using inputs like labor, capital, and raw materials through a production function to transform these inputs into outputs according to the technology used. The levels of inputs can be varied in the long run but not the short run.
Chap4
1. The document discusses the production process of firms, including the concepts of production, costs, and profit maximization.
2. It explains that production involves transforming inputs into outputs using factors of production, with the goal of firms being to maximize profits.
3. The production process involves decisions about how much output to supply, which production technology to use, and how much of each input to demand.
Theory of a Firm
The document discusses theories of the firm, including the goal of profit maximization. It defines accounting profit as total revenue minus total costs, and economic profit as total revenue minus total costs including opportunity costs. It also discusses the differences between fixed and variable costs, and how firms determine optimal production levels by equating marginal revenue and marginal cost. Productivity and efficiency are important for controlling production costs.
Theory of a Firm
The document discusses key concepts related to the economic theory of the firm, including:
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2) There are two types of profit - accounting profit which is revenues minus explicit costs, and economic profit which also accounts for opportunity costs of inputs.
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Fundamentals of EconomicsA. Profit MaximizationProfit Maximi.docx
Fundamentals of Economics
A. Profit Maximization
Profit Maximization is the determination of the best output in relation to price levels so that returns for the firm are maximized. A company usually has profit goals that must be reach, so various strategies such as reducing production costs, adjusting sale prices, and maximizing output levels are used.
A company should always use profit maximization methods, but these methods may negatively affect consumers if the method results in poor-quality product or higher prices.
Two main methods are use in profit maximization: a) Total Cost-Total Revenue Method and b) Marginal Cost-Marginal Revenue Method.
a) Total revenue to total cost
Total revenue less total cost is the profit, expressed as Π = TR – TC. Total revenue is the total amount of money the company receives from selling its products, or from other aspects of its business operations. Total cost is the sum of all aspects of the company’s production and operations, including non-monetary costs. Non-monetary costs include items that were not paid in cash but were incurred, like the time spent by the owner managing the business, or the equivalent cost of using the land or machineries of the owners, as if they are being rented.
If non-monetary costs will not be included in the computation of revenue, an accounting profit will result, but it will not be the actual economic profit. To obtain the economic profit, all explicit and implicit costs should be accounted for, including opportunity costs.
To find out how much profit the firm actually make, costs have to be determined. All the information can be derived from ATC. As ATC = TC/Q, so TC = ATC x Q. Profit maximization levels can be found by the simple multiplication and subtraction approach. Profit maximization = Total Revenue (TR) – Costs (C). (NEWLY ADDED)
Criterion Score:2.00
Comments on this criterion (optional): The submission explains Total Revenue and Total Cost.
However, the point at which profit maximization is reached and how it is recognized using total
revenue and total cost as criteria could not be located in the submission. Please revise and
resubmit.
b) Marginal revenue to marginal cost
Marginal revenue is the added revenue when one more unit of output is sold. The profit maximizing level of output for monopolists is arrived at after equating its marginal revenue and its marginal cost. This is also the same condition for profit maximization that a perfectly competitive firm uses in determining its output equilibrium level. Marginal revenue equals marginal cost is the condition firms in different market structures use in determining their profit maximizing level of output.
Marginal cost is the cost of the additional unit, or the cost of produce one more unit. It is hard to determine the exact cost of the last unit, but the average cost of a group of units can easily be calculated. The change in costs from a previous level is divided by the change in quantity fr.
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This is an Economics project which will help in understanding the concept of production, the costs involved in it, and the contributing factors associated with both.
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Principles economics cost of production
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Lecture 4 a practice economics
The document provides an introduction to economics and accounting concepts for an optometry practice. It discusses key terms like entrepreneurship, specialization, revenue, costs, profit and loss accounting. It explains the difference between fixed and variable costs, direct and indirect costs, product costs and period costs. It also provides examples of calculating costs of goods sold, gross profit, net profit and break-even analysis for an optometry business.
Production and cost
- A business firm employs factors of production like resources to produce goods and services that are sold to consumers, other firms, or the government.
- Firms arise when individuals can obtain benefits from working as a team, with managers directing employees and monitoring workers to reduce shirking.
- Exchanges take place inside the firm between individuals forming teams and workers choosing monitors, and outside the firm as the firm sells its products.
Hen 368 lecture 8 production and costs
This document discusses production costs and break even analysis. It explains that total costs are made up of fixed costs, which must be paid regardless of quantity, and variable costs, which increase with quantity. It provides an example of calculating break even quantity. Additionally, it examines the relationship between productivity, costs, and profits by looking at marginal and average productivity, costs, and profits as the number of nurses is increased. It recommends maximizing profits by producing at a quantity where marginal revenue exceeds marginal costs. Finally, it discusses different types of costs including fixed, variable, sunk, transaction, and opportunity costs as well as concepts like economies of scale and scope.
Costs functions
Okay, let's solve this step-by-step:
Given: TC = 4000 + 5Q + 10Q2
Quantity (Q) = 10 units
1) Total Fixed Cost (TFC) = 4000 (Given fixed cost)
2) Average Fixed Cost (AFC) = TFC/Q
= 4000/10 = 400
3) Total Variable Cost (TVC) = 5Q + 10Q2
= 5(10) + 10(10)2 = 50 + 1000 = 1050
4) Average Variable Cost (AVC) = TVC/Q
= 1050/10 = 105
5) Average Total Cost (ATC) = TC/Q
Absorption and marginal costing
This document summarizes absorption costing and marginal costing. Absorption costing treats all manufacturing costs, including both fixed and variable costs, as product costs. Marginal costing treats only variable manufacturing costs as product costs, regarding fixed costs as period costs. Absorption costing follows generally accepted accounting principles but may distort profits, while marginal costing is more relevant for decision making but can manipulate profits. Breakeven analysis uses cost-volume concepts to determine sales needed to cover total costs and achieve a target profit level.
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Ch 5.2 and_5.3_notes
- 1. Chapter 5.2 & 5.3 Cost, Revenue and Profit LINDQUIST - ECONOMICS
- 2. Total Revenue Total amount earned by a firm from the sale of its products Total Revenue = price times output Price x Amount of units sold Marginal Revenue =Extra revenue from the sale of one additional unit of output.
- 3. Costs Fixed costs (FC) – Costs that stay the same regardless of level of production. rent property tax insurance premiums
- 4. Costs Fixed costs Variable costs (VC) - costs that change with output or Production levels change labor Materials/INPUTS capital goods
- 5. Costs Fixed cost + Variable cost = Total Cost (TC)
- 6. Costs Marginal Costs (MC) = cost of producing one more unit
- 7. E-Commerce Example • Companies such as Amazon.com have been able to offer a wide range of products while keeping their overhead low. • What helps e-commerce (Electronic Businesses) firms to reduce cost? – E-Comerce does not have to pay rent or keep large inventories. Traditional stores have MORE FIXED COSTS
- 8. Profit/Loss Profit/Loss = Total Revenue minus Total Cost (TR-TC)
- 9. So how do you know how to produce? • How do businesses decide how many workers to hire? • How do they measure how many INPUTS to use for MAXIMUM PRODUCTION??
- 10. Businesses Decisions • Total Product: total output or production by a firm • Output: Stuff the business produces • Inputs: Stuff that was necessary to produce the output. • Marginal Product: Extra output due to the addition of one more unit of input
- 11. Stages of Production • STAGE 1: INCREASING MARGINAL RETURNS – Specialization of labor • STAGE 2: DECREASING or Diminishing Marginal Returns – Law of diminishing returns – Stage where output increases at a decreasing rate • STAGE 3: NEGATIVE MARGINAL RETURNS – Workers in the way