1. Cost behavior 2. Cost analysisTypes of costs:- Behavior of cost in the short run Behavior of cost in the long run Economies of scale Vs Economies of scope 3. Costs in…
1. Costs “Cost” is not a simple concept. It is important to distinguish between four different types -fixed, variable, average and marginal .What is the cost of an additional…
Slide 1COSTS OF PRODUCTION Chapters 11 Slide 2 Short-Run vs. Long Run Firms typically have several types of inputs that they can adjust to adjust production. Long-run - When…
Costs of Production KW Chapter 8 Costs: Explicit vs. Implicit Explicit Costs of Production: Direct payments for resources not owned by a firm (raw materials, wages, energy…