Chapter 05
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This document discusses index numbers and how they are used to measure inflation or deflation. It provides the formula for a simple price index and examples of common indices including the Retail Price Index. Weighted aggregate indices weight items by importance and can use either base year quantities (Laspeyres index) or current year quantities (Paasche index). Deflating a time series allows adjustment for inflation by dividing current values by an index to express them in base year prices. Graphs and comparisons of indices are used to examine changes over time.
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Here are the steps to solve this example:
1. Estimate the total cost function:
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2. Take the first derivative of the total cost function to get the average cost function:
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This document provides an overview of production and costs from an economics textbook. It discusses key concepts such as:
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- Total, average, and marginal product curves which show output levels as a single input is varied, demonstrating the law of diminishing returns. There are three stages of production as inputs increase.
- Explicit and implicit costs of production. Short-run costs include total fixed, total variable, and total costs. Long-run costs have no fixed component.
- Average and marginal cost curves which are U-shaped in the short-run as output increases. Minimum efficient scale
Index numbers99
Index numbers are used to measure and compare changes in prices, quantities, and values over time. There are several types of index numbers including simple price indexes, quantity indexes, value indexes, and aggregate price indexes. Aggregate price indexes include unweighted, Laspeyres, Paasche, and fixed-weight indexes. The Consumer Price Index is a widely used fixed-weight aggregate price index published monthly by the Bureau of Labor Statistics to measure inflation experienced by urban consumers.
Product And Cost
The document discusses various concepts related to production and costs, including:
1. Production involves converting inputs into outputs through organized activities to create value and utility. The main factors of production are land, labor, capital, and organization.
2. Production functions show the relationship between physical inputs and outputs. Total, marginal, and average product are discussed for functions with one variable input like labor.
3. Optimal use of variable inputs occurs when marginal revenue product equals marginal resource cost. Production with two inputs is discussed using isoquants and isocost lines.
The Production And Cost C M A
The firm is an economic institution that transforms factors of production into consumer goods – it:
Organizes factors of production.
Produces goods and services.
Sells produced goods and services.
AP MIcro Perfect Competition
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2) It then covers the two approaches firms use to maximize profits in the short-run: total revenue-total cost and marginal revenue-marginal cost. Both approaches are shown to result in the rule of producing at the quantity where marginal revenue equals marginal cost.
3) The document concludes by discussing how purely competitive firms maximize profits in the long-run through free entry and exit until economic profits are driven down to zero and price equals minimum average total cost.
Analyst presentation: Risultati al 31 marzo 2014
Hera Group reported its Q1 2014 results, highlighting growth despite the mild winter. Revenues decreased 10.4% to €1.29 billion due to lower gas sales from the mild winter. EBITDA increased 1.7% to €275.6 million driven by market expansion, efficiencies and regulated revenues offsetting the winter impact. Net profit increased 3% to €83.2 million benefiting from lower taxes. The results demonstrated the effectiveness of Hera's strategy for balanced growth across its business divisions.
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The document contains sample macroeconomic data and calculations questions. It includes calculations of:
- The percentage change in UK house prices from 2009 to 2017 (46.1% increase).
- The average level of UK household savings in 2010 (£2,100).
- The UK trade surplus in services in 2016 (£94,818 million).
- The level of UK GDP in 2017 (£2.02 trillion) given the current account balance.
- Various exchange rate calculations for 2016-2017.
- The real GDP per head in the UK in 2016 (constant prices of £29,000).
- A weighted consumer price index calculation for the UK in 2017 (105.05).
- The percentage difference
Forecasting 5 6.ppt
This document discusses various quantitative forecasting techniques. It describes time series forecasting and the components of time series data including trend, seasonal, cyclical, and random variations. It then explains different forecasting methods such as the naive approach, moving averages, exponential smoothing, and least squares regression. It provides examples of how to calculate forecasts using these methods and compares their forecast errors using measures like mean absolute deviation, mean squared error, and mean absolute percent error to evaluate forecast accuracy.
Businesseconomics costanalysis-110308030741-phpapp02
The document discusses cost analysis concepts for a business economics course. It defines cost functions, types of costs like fixed, variable and total costs. It explains opportunity cost, isocost lines, and how they relate to cost minimization. It also covers average and marginal costs, deriving their equations and charting costs. Break-even analysis is discussed including calculating break-even point, margin of safety, and the importance of price elasticity of demand for pricing strategies. Examples are provided to demonstrate calculating costs, profits and break-even outputs.
Types Of Index Numbers
Based On the types of Index Numbers.
Prepared By Siddhant Kumar Behera.
Ravenshaw University Student Of IMBA-FM.
DOC-20221129-WA0004cot an work aacounting ppt foile for becom and mocm..pptx
this is cost and work accounting file
Cost.ppt
This document discusses the theory of production. It defines production as the process of converting inputs into outputs through various factors of production like land, labor, capital, and technology. It explains the concept of a production function which shows the relationship between inputs and outputs. There are different types of inputs - fixed inputs which remain the same in the short-run and variable inputs which can be varied. Total product, average product, and marginal product are discussed with examples. Laws of variable proportions and returns to scale are explained with short-run and long-run production functions using graphs. Isoquants and marginal rate of technical substitution are also introduced.
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Chapter 05
- 1. Chapter 5 Index numbers Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 1
- 2. Formula for a simple price index Price index = pn/p0 x 100 where pn = price in year n po = price in base year A price index of 117 would indicate an increase of 17% relative to the base year. A price index of 75 would indicate a decrease of 25% relative to the base year. Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 2
- 3. Table 1 Total value of exports (£ m) Year 1992 1993 1994 1995 1996 1997 Export 107 343 121 398 134 664 153 077 166 921 170 145 Index (1992 = 100) 100 121398/107343 x 100 = 113 125 143 156 159 Source: Monthly Digest of Statistics, O.N.S. Example: 1995 price has increased by 43 percentage points relative to 1992 Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 3
- 4. Other index numbers Retail Price Index RPI FT Ordinary Share Index Dow Jones Index Basic wage rates index Retail sales index These are weighted averages for many different items. Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 4
- 5. Weighted aggregate indices Items in the average index are weighted according to importance Quantities may be used as weights Index uses Price x Quantity (i.e. total cost or expenditure) Base-weighted index – use base year quantities (Laspeyres) Current-weighted index – use current year quantities (Paasche) Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 5
- 6. Base-weighted price index (Laspeyres’ index) This is given by Total cost in current year X 100 Total cost in base year Where base-year quantities are used for both years ∑ p n q0 Laspeyres’ index = × 100 ∑ p0 q0 Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 6
- 7. Current-weighted price index (Paasche’s Index) This is given by Total cost in current year X 100 Total cost in base year Where current-year quantities are used for both years ∑ pn qn Paasche’ s index = × 100 ∑ p0 q n Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 7
- 8. Example ` 1993 Number Av salary employed (£000) qo Sales Admin. Clerical Managerial Sum po 120 41 25 21 1999 Number Av salary employed (£000) poqo 7.5 10 8 18 pnqo qn pn 158 52 30 25 poqn pnqn 9 12.5 10 22.4 Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 8
- 9. Continued qo Sales Admin. Clerical Managerial Sum po 120 41 25 21 poqo pnqo qn 7.5 900 1080 10 410 512.5 8 200 250 18 378 470.4 1888 2313 Laspeyres index = 2313/1888 x 100 Paasche index = 2932/2395 x 100 pn 158 52 30 25 poqn pnqn 9 1185 1422 12.5 520 650 10 240 300 22.4 450 560 2395 2932 122.5 122.42 Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 9
- 10. Retail Price Index The RPI is used as a measure of inflation It is a weighted average of a ‘basket of goods’ (around 350 items), updated regularly using the Family Expenditure Survey. The RPI can be used for index-linking. It can be used to deflate a series of values. This allows for inflation and looks at the underlying trend. Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 10
- 11. Deflating a series Example: Current year price deflated to 1992 prices = Current year value x 1992 RPI__ current RPI Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 11
- 12. Table 1 Total value of exports (£m) Year 1992 1993 1994 1995 1996 1997 Exports 107343 121398 134664 153077 166921 170145 Deflated series (to 1992) 107343 121398 x 138.5/140.7 = 119500 129431 142194 151399 149620 Table 2 Annual average RPI (Jan 1987 = 100)19881994 1995 96 1997 1992 1993 1994 1995 1996 1997 138.5 140.7 144.1 149.1 152.7 157.5 Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 12
- 13. Graph to show deflation Exports 180 Exports in £m 170 160 150 140 130 120 110 100 1992 1993 1994 1995 1996 1997 Year Exports (£m) Deflated exports Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 13
- 14. Comparison of indices Indices give similar results if proportion of quantities for each item remain similar in both years. Base-weighted (Laspeyres’ index) is most commonly used, e.g. RPI. Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 14
- 15. Advantages of Laspeyres’ Quantities in current year not required Denominator is constant year to year Indices can be compared year to year as well as to the base year Disadvantages of Laspeyres’ Weights can quickly become out of date if quantities change Essential Quantitative Methods 2nd edn © Les Oakshott 2001 Palgra 15