This document discusses concepts related to cost of production in economics. It defines different types of costs including implicit cost, explicit cost, opportunity cost, social cost, and sunk cost. It also defines short run and long run periods of production. The document then explains concepts of total cost, total fixed cost, total variable cost, average costs including average fixed cost, average variable cost and average total cost. It also discusses marginal cost. Graphs of short run cost curves are provided to illustrate the relationships between these different cost concepts. The long run cost curve is also discussed along with economies and diseconomies of scale.
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
The cost of production/Chapter 7(pindyck)RAHUL SINHA
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
Mankiew chapter 7 Consumers, Producers, and the Efficiency of MarketsAbd ELRahman ALFar
What is consumer surplus? How is it related to the demand curve?
What is producer surplus? How is it related to the supply curve?
Do markets produce a desirable allocation of resources? Or could the market outcome be improved upon?
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
The cost of production/Chapter 7(pindyck)RAHUL SINHA
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
Mankiew chapter 7 Consumers, Producers, and the Efficiency of MarketsAbd ELRahman ALFar
What is consumer surplus? How is it related to the demand curve?
What is producer surplus? How is it related to the supply curve?
Do markets produce a desirable allocation of resources? Or could the market outcome be improved upon?
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.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
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