Production function lesson 4
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Capital goods like machines and tools are used to produce other goods. Firms acquire capital to begin, expand, or increase production. A firm's costs of production include explicit and implicit costs. Explicit costs involve direct monetary payments for resources while implicit costs do not but represent opportunities lost. The cost of production is the sum of explicit and implicit costs. Economic profit is calculated as total revenue minus all costs, while accounting profit only deducts explicit costs. In the short run a firm's capacity is fixed but variable resources can adjust, while in the long run capacity can change as firms enter and exit the market. The law of diminishing returns states that as more of a variable resource is added to a fixed resource, the marginal product
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Production Function is a statement of the relationship between a firm’s scarce resources (inputs) and the output that results from the use of these resources.
In mathematical terms, the PF can be expressed as:
Q= f (X1, X2…………Xk) where
Q=output, X1…………Xk=inputs used in the production process
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The Cobb-Douglas production function is widely used to model the relationship between output and two inputs, labor and capital. It takes the form of P(L,K) = B*L^α*K^β, where P is total production, L is labor input, K is capital input, B is total factor productivity, and α and β are output elasticities. The function was formulated by Cobb and Douglas based on statistical evidence showing how U.S. output and the two inputs changed together from 1889-1920. It has since been widely applied despite some criticisms around its lack of microeconomic foundations.
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The presentation discusses a firm's expansion path. An expansion path shows the optimal input combinations as production scale increases while input prices remain constant. It connects the least costly methods of producing different output levels. The expansion path may not be a straight line or always upward sloping. The document includes a diagram of a sample firm's expansion path, labeled with optimal input combinations at different output levels. It explains that the points on the expansion path occur where the isoquant and iso-cost lines are tangent, meaning the marginal rate of technical substitution equals the slope of the iso-cost line. In conclusion, the expansion path identifies the least cost input combinations for each output level.
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Cost minimization aims to deliver goods and services to the required quality level in the most cost-effective way. This can be achieved through two approaches: eliminating waste and duplication through lean production and simplifying processes, and pruning unprofitable products, accounts, and overheads. Potential issues include insufficient capacity to handle demand increases and interdepartmental conflicts if cost reductions are not properly communicated.
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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.
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.
Cost of production (1)
The document discusses different types of costs involved in production:
1) Total cost is the aggregate of all expenditures to produce a given output level. It includes total fixed cost plus total variable cost.
2) Total fixed cost refers to costs of fixed inputs that do not vary with output in the short run, such as rent, interest, and insurance.
3) Total variable cost refers to costs of variable inputs that vary with output, such as raw materials and wages. It increases with higher output.
4) Average and marginal costs are also discussed as important measures to analyze a firm's cost structure.
Managerial economics
This document discusses production functions and the differences between short-run and long-run production. In the short-run, at least one input is fixed, leading to diminishing returns. The long-run allows all inputs to vary, and economies of scale can result in decreasing, constant, or increasing returns. Specifically, decreasing returns occur when output grows less than inputs; constant returns when both grow equally; and increasing returns when output grows more than inputs due to factors like specialization and large-scale machinery.
Labour and capital intensive
PPT explains about difference labour intensive and capital intensive economy with availability of financial institution in national and state level.
Chapter 8
- Cost refers to the sacrifice incurred when resources are exchanged or transformed. Accounting focuses on historical costs while economics considers opportunity costs for decision making.
- Short-run cost functions include fixed, variable, and marginal costs. Long-run functions consider economies and diseconomies of scale.
- There are three key contrasts between accounting and economic costs: depreciation measurement, inventory valuation, and treatment of sunk costs. Learning curves and scale economies influence costs at the product, plant, and firm levels in the long run.
Theory of a Firm
The document discusses key concepts related to the economic theory of the firm, including:
1) Firms attempt to maximize profits by producing at the point where marginal revenue equals marginal cost. This balances incentives to expand with covering costs of production.
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.
3) Costs include explicit costs like wages and supplies, as well as implicit opportunity costs of a firm's resources. Total costs consider fixed, variable, and normal profit costs.
Chap4 production
This Chapter 4 was taken from the book; ECONOMICS by Feliciano Fajardo.
This is for classroom instruction purposes.
Cost and BEA
This document discusses cost concepts and break-even analysis. It defines different types of costs such as explicit, implicit, fixed, and variable costs. It also explains the concepts of normal profit, incremental costs, sunk costs, and private and social costs. The document then provides an introduction to break-even analysis, discussing how to calculate the break-even point, total revenue, total costs, and profit or loss. It demonstrates using an example how to determine the number of units that must be sold to break even. The document concludes by discussing the uses and limitations of break-even analysis.
Costs of Production, Production Function, Law of Diminishing Returns.pptx
This document discusses key concepts related to production theory and costs, including:
1. It defines economic costs as payments made to attract resources away from other opportunities, including explicit monetary costs and implicit opportunity costs.
2. It provides an example calculating total, explicit, and implicit costs for a small business.
3. Key terminologies are introduced like fixed/variable inputs, short/long run, total product, marginal product, and average product.
4. The relationship between marginal product, average product, and total product is explained, showing initial increases and eventual decreases as the law of diminishing returns takes effect.
Theory of Production and Cost, Break-even Analysis
This document summarizes a presentation on management topics including production theory, costs, and break-even analysis. It was created by three students - Kumar Pawar, Rangat Mehta, and Jay Kheni. The presentation covers the meaning of production, production functions, factors of production, laws of variable proportions and returns to scale. It also defines fixed and variable costs, total and average costs, marginal and opportunity costs. Finally, it explains break-even analysis including the objective to find the production volume where a firm will make a profit.
Production theory ECO 101
Eco 101 - The producers theory is concerned with the behavior of firms in hiring and combining productive inputs to supply commodities at appropriate prices.The theory of production is based on the "short run" or a period of production that allows production to change the amount of variable input, in this case, labor. The "long run" is a period of production that is long enough for producers to adjust various inputs to analyze the best mix of the factors of production.
Cost for production including breaking analysis
Cost for production including breaking analysis
CONCEPTS OF COST
VARIOUS TYPES OF COST
BREAK EVEN ANALYSIS
BREAK EVEN POINT
Production.pdf
This document discusses key concepts in production including inputs, outputs, short run vs long run, production functions, total product, average product, marginal product, and the law of diminishing returns. It also covers stages of production, isoquants, marginal rate of technical substitution, optimal input combinations, returns to scale, economies and diseconomies of scale, and economies of scope. Production involves transforming inputs into outputs using a production function, with fixed and variable inputs determining the short and long run. The law of diminishing returns causes marginal product to decline with increased use of a variable input.
Factory overhead slides
Factory overhead comprises indirect expenses associated with operating a manufacturing plant that cannot be directly charged to a specific product. These costs include indirect materials, indirect labor, and other indirect costs like rent, utilities, and depreciation. Factory overhead is classified as either fixed or variable. Variance analysis involves calculating the budget or spending variance and volume or capacity variance to determine if overhead was over-applied or under-applied compared to the estimated amounts. Formulas are used to calculate variances based on actual, standard, and budgeted overhead rates and costs.
Factory overhead slides
Factory overhead comprises indirect expenses associated with operating a manufacturing plant that cannot be directly charged to a specific product. These costs are divided into three categories: indirect materials, indirect labor, and other indirect costs. Factory overhead is calculated by adding indirect material costs, indirect labor costs, and other indirect costs. It can then be applied to products on a per unit basis. Variances may occur if actual overhead differs from the estimated overhead applied to products.
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Costs of Production, Production Function, Law of Diminishing Returns.pptx
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Theory of Production and Cost, Break-even Analysis
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The Xia Dynasty fell around 1600 BCE due to the tyrannical rule of King Jie. After the Xia's fall, Shang Tang came to power and established the Shang Dynasty, gaining support from smaller kingdoms. The Shang Dynasty lasted over 600 years, developing advanced skills in bronze-working, writing, and silk production. Kings like Wu Ding expanded the dynasty's territory and cultural achievements, though the last King Di Xin oversaw the dynasty's fall to the Zhou.
Notions of morality
The document discusses several popular notions of morality, including deontological ethics, utilitarianism, pragmatism, altruism, intrinsicism, subjectivism, collectivism, pacifism, humanism, anarchism, existentialism, and eudaimonism. Deontological ethics focuses on duty and moral obligation, while utilitarianism believes the moral worth of an action is determined by its contribution to overall utility and happiness. Pragmatism sees the function of thought as guiding action. [END SUMMARY]
Introduction to moral theology
Theology is the study of God and divine revelation. There are two main branches: dogmatic theology, which examines theological truths about God; and moral theology, which guides Christians in living according to divine truths. Moral theology draws on sacred scripture and tradition to teach Christians how to live virtuously and act in a loving manner according to God's will. The ultimate goal of moral theology is to help Christians develop morally and attain salvation by living as disciples of Christ.
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This document discusses two aspects of Filipino Catholic culture. First, it describes the tradition of "pagmamano" where Filipinos show respect to elders by holding their hand and placing it on their forehead. Second, it explains how Filipinos demonstrate their love for God through consistent prayer and worship, as seen in the photo of a Catholic Filipino praying.
3. church
The early Christian church began in Jerusalem after Jesus' death and resurrection. Small groups of Jesus' followers gathered in homes to pray, study scripture, share meals, and possessions. This house church model was the genesis of the organized Christian church. The first Christian community in Jerusalem aimed to proclaim God's kingdom through demonstrating unity and equal love regardless of social status. Their practices of faith, fellowship, and service established the framework for how later Christian communities defined themselves.
1. theo
The Church refers to (1) the people called by God in the Old Testament and (2) the disciples gathered by Jesus Christ in Jerusalem. The document discusses how God the Father prepared the Church by calling Abraham and the people of Israel. It also discusses how Jesus Christ prepared the Church by calling his 12 apostles and how the Holy Spirit established the Church on the day of Pentecost.
5. the church
The document discusses how communion originates from the Trinity and is manifest in creation. All creatures are interconnected and interdependent, showing God's self-giving act in evolution. Understanding our connection to the greater community of creation helps expand our view of communion. The Church lives communion especially through the Eucharist, where community members bond as one body in offering themselves to God and receiving Christ.
4. communion
Communion refers to the bond of unity between Christians resulting from their shared life with God and each other. It was the heart of early Christian communities, expressed through their relationships, and the central notion of the Church's visible unity. Christians' communion with Christ and each other binds them together as a mighty force. The Church inherits the communion nature of the Trinity, with the Triune God serving as the basis for communion within the Church and its mission to gather all people into oneness with God and each other.
Mastering your Emotions
The document discusses emotional intelligence (EQ) and its five core components: intrapersonal skills, interpersonal skills, stress management, adaptability, and general mood. It explains that EQ involves understanding one's own emotions and the emotions of others, and effectively managing emotions in relationships. Developing high EQ can help improve decision-making, build strong relationships, reduce stress, and motivate achievement of goals.
Tax on income
The document defines taxable income and gross income for the purposes of taxation. It states that taxable income is gross income less any authorized deductions or exemptions. Gross income is defined broadly as all income from any source, including compensation, business income, property dealings, interest, rents, royalties, dividends, annuities, prizes, pensions, and partnership shares. The document goes on to list several exclusions from gross income for taxation, including life insurance proceeds, return of insurance premiums, gifts, damages from personal injury, income exempt by treaty, and certain retirement benefits.
Principles of income taxation
- The document outlines general principles of income taxation in the Philippines, including that citizens are taxed on worldwide income while non-citizens are only taxed on domestic income.
- It provides income tax rates for individual citizens and resident aliens that range from 5% to 34% depending on taxable income amount. Married couples file separately.
- Certain types of passive income like interest, royalties, and dividends are subject to final taxes ranging from 6% to 20% instead of the regular income tax rates. Capital gains are also taxed differently depending on the asset type.
Principles of phil taxation
1. The Philippine taxation system taxes aliens on income from sources within the Philippines regardless of residency status.
2. The tax year is January 1st to December 31st. Income taxes for nonresident aliens range from 5-32% for those engaged in trade/business to 15-25% for those not engaged in trade/business or who are executives of special entities.
3. Fringe benefits provided to managerial/supervisory employees are subject to a 32% fringe benefits tax calculated on the monetary value of benefits. Expatriates working in the Philippines for a definite period are generally considered nonresidents engaged in trade/business.
Land reform1
The document discusses key aspects of land reform in the Philippines including the objectives, definitions, history, and provisions of the Comprehensive Agrarian Reform Law (CARP) of 1988. It outlines CARP's goals to redistribute public and private agricultural lands to landless farmers and sets retention limits of no more than 5 hectares for landowners. Certain lands used for commercial farming, ancestral domains, and those owned by multinational corporations are also addressed.
Labor & employment lesson 11 a
The document discusses several key concepts related to labor and employment:
1. Labor is a factor of production and refers to human effort and skills. Human capital refers to the economic value of people's skills and abilities.
2. Employment involves a contract between an employer and employee, where the employee provides labor in exchange for wages. Unemployment exists when able and willing workers cannot find jobs.
3. Other concepts discussed include the unemployment rate, NAIRU, Phillips curve, underemployment, and differences in perspectives on the causes of unemployment from various economic theories.
Inflation lesson 9
The document discusses inflation, including its definition, causes, and effects. Inflation is defined as a rise in general price levels reported as a percentage change from a base year. Common causes of inflation include demand-pull factors like shortages, cost-push factors like increases in wages, and excessive monetary growth outpacing economic growth. Effects of inflation include a decreased purchasing power of currency, changes in consumer and investor spending habits, speculation on high-risk investments, and changes to the distribution of income between lenders and borrowers.
Malthusian lesson 11
Thomas Malthus was an English economist who argued that population growth occurs exponentially while food production increases arithmetically, leading to a decrease in food per person. He believed that premature death from factors like famine, war, and disease were necessary to control the population. Malthus favored moral restraints like late marriage and abstinence for the poor classes to limit population growth. His influential writings promoted reducing support for the poor in England.
Lesson 10 over employment, unemployment, underemployment and overtime
1) Overemployment refers to workers wanting shorter hours but being unable to reduce their work time. Unemployment is a total lack of work, while underemployment is when workers are employed but not at their desired capacity or skill level.
2) Overtime refers to working beyond a standard workweek, such as 40 hours, with overtime pay required for additional hours worked.
3) Unemployment is defined as those without work who are available and seeking employment, while underemployment is considered a more serious problem in the Philippines as it affects more workers and families.
Gnplesson 8
GDP is the total value of all final goods and services produced domestically in a year. It includes consumption, investment, government spending, and net exports. GDP is calculated using three approaches - expenditure, production, and income. The expenditure approach sums consumption, investment, government spending, and net exports. The production approach sums the value added at each stage of production. The income approach sums payments made to the factors of production - wages, profits, interest, and rent.
Inflation lesson 9
The document discusses inflation, including its definition, causes, and effects. Inflation is defined as a rise in general price levels reported as a percentage change from a base year. Common causes of inflation include demand-pull factors like shortages, cost-push factors like increases in wages, and excessive monetary growth outpacing economic growth. Effects of inflation include a decreased purchasing power of currency, changes in consumer and investor spending habits, speculation on high-risk investments, and changes to the distribution of income between lenders and borrowers.
Monopoly 2 lesson 7 a
While monopolies can generate economies of scale that lower prices for consumers, they may lack incentives for technological progress unless facing competitive pressures. Price discrimination allows monopolies to charge different prices to different customer groups, increasing profits but seen as an unfair practice that harms society. Natural monopolies in utilities are regulated by governments to set prices based on costs plus a fair rate of return. In some cases, regulated utilities are subsidized to operate at a loss to ensure output.
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