Economic Costs refer to the sum of opportunity costs and accounting costs. It is the cost of choosing one economic activity over another. This means when we look at economic costs, it includes all the costs incurred to carry out a particular activity that have to be paid and the opportunity cost or the benefits from the next best alternative which had to be forgone in order to carry out this activity. Copy the link given below and paste it in new browser window to get more information on Economic Costs:- http://www.transtutors.com/homework-help/economics/economics-costs.aspx
Economic Costs refer to the sum of opportunity costs and accounting costs. It is the cost of choosing one economic activity over another. This means when we look at economic costs, it includes all the costs incurred to carry out a particular activity that have to be paid and the opportunity cost or the benefits from the next best alternative which had to be forgone in order to carry out this activity. Copy the link given below and paste it in new browser window to get more information on Economic Costs:- http://www.transtutors.com/homework-help/economics/economics-costs.aspx
A quick project about inefficiency in human consumption. Economics these days.Although it looks funnier with the animations on the slides, anyway. Enjoy
A quick project about inefficiency in human consumption. Economics these days.Although it looks funnier with the animations on the slides, anyway. Enjoy
Cost Curves, Introduction, Types of Costs (Accounting costs, real cost, Implicit Cost, Opportunity cost, Explicit cost, Social cost, Imputed and Sunk Cost), Types of cost curves (Short run cost function, Relationship between Total Cost, Fixed Cost and Variable Cost, Costs in Long run, Conclusion.
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.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Safalta Digital marketing institute in Noida, provide complete applications that encompass a huge range of virtual advertising and marketing additives, which includes search engine optimization, virtual communication advertising, pay-per-click on marketing, content material advertising, internet analytics, and greater. These university courses are designed for students who possess a comprehensive understanding of virtual marketing strategies and attributes.Safalta Digital Marketing Institute in Noida is a first choice for young individuals or students who are looking to start their careers in the field of digital advertising. The institute gives specialized courses designed and certification.
for beginners, providing thorough training in areas such as SEO, digital communication marketing, and PPC training in Noida. After finishing the program, students receive the certifications recognised by top different universitie, setting a strong foundation for a successful career in digital marketing.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
2. What is Cost? Anything incurred during the production of the good or service to get the output into the hands of the customer. An amount paid or required in payment for a purchase. Note Controlling costs is essential to Business Success. It is important to point out that production involves cost.
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4. Cost Concept: Economic Costs Private vs. Social Cost Private – Are expenses shouldered by individual producers. Ex. Rent and Cost of Material Social – Additional Cost are involved that are not paid by the producers but are Bourne by the society. Ex. Cement for Highways Explicit vs. Implicit Cost Explicit – consist of actual payments made by the firms for resources bought or hired Implicit – Cost of Self owned or Self employed resources. Total Fixed vs. Total Variable Cost – Short-run Fixed – Resources whose quantity cannot be readily be changed for short run. (Salaries, Rent, Insurance, Maintenance) Variable – Can be readily changed when output is increased in short run. (Wages of Laborers, Cost of Raw Materials and Transportation)
8. Marginal costs(MC) – The cost of producing an extra unit of output. MC = Change in TC / Change in Q Total Cost (TC) – Composed of total Fixed Cost and Total variable Cost. TC = FC + VC Average Fixed Cost (AFC) – Decreases continuously as output increases. The Greater Output the Smaller the AFC. Due to fixed cost that is spread to more output levels. AFC = FC/Q Average Variable Cost (AVC) – Refers to the variable costs per unit of output produced by the firms. AVC = VC/Q Average Cost (AC) – Obtained by Dividing TC by Level of Output, it also obtained by adding the sum of AFC and AVC. AC = TC/Q or AC = AFC + AVC
9. SUMMARY Economic costs are incurred in producing output. These Cost can be private or social, explicit or implicit, fixed or variable. In the short-run, firms pays both fixed and variable costs. Thus, total cost is the sum of total fixed cost and total variable cost. Fixed costs are part of the total cost and do not depend on output. Variable cost are dependent on the output. When AC and AVC are falling, MC is below them. When AC and AVC are rising, MC is above them.
