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Home Cost Analysis

Cost Analysis:

 

Concept of Cost of Production:

 

By "Cost of Production" is meant the total sum of money required for the production of a specific quantity of output. In the word of Gulhrie and Wallace. Continue reading.

 

Concepts of Economic Costs:

 

We have discussed the important types of cost which a firm has to face. The cost of production from the point of view of an individual firm is split up into the following parts. Continue reading.

 

Analysis of Short Run Cost of Production:

 

Short run is a period of time over which at least one factor must remain fixed. For most of the firms, the fixed resource or factors which cannot be increased to meet the rising demand of the good is capital i.e., plant and machinery. Continue reading.

 

Average Cost:

 

The entrepreneurs are no doubt interested in the total costs but they are equally concerned in knowing the cost per unit of the product. Continue reading.

 

Short Run and Long Run Average Cost Curves:

 

In the short run, the shape of the average total cost curve (ATC) is U-shaped. The, short run average cost curve falls in the beginning, reaches a minimum and then begins to rise. Continue reading.

 

Marginal Cost:

 

Marginal Cost is an increase in total cost that results from a one unit increase in output. It is defined as "the cost that results from a one unit change in the production rate". Continue reading.

 

Relation of Average Variable Cost and Average Total Cost to Marginal Cost:

 

Before we explain, the relation of average variable cost (AVC) and average total cost (ATC) to marginal cost (MC), it seems necessary that the various types of costs and their relationship should be shown in the form of a table. Continue reading.

 

 

 

Principles and Theories of Micro Economics
Definition and Explanation of Economics
Theory of Consumer Behavior
Indifference Curve Analysis of Consumer's Equilibrium
Theory of Demand
Theory of Supply
Elasticity of Demand
Elasticity of Supply
Equilibrium of Demand and Supply
Economic Resources
Scale of Production
Laws of Returns
Production Function
Cost Analysis
Various Revenue Concepts
Price and output Determination Under Perfect Competition
Price and Output Determination Under Monopoly
Price and Output Determination Under Monopolistic/Imperfect Competition
Theory of Factor Pricing OR Theory of Distribution
Rent
Wages
Interest
Profits
Principles and Theories of Macro Economics
National Income and Its Measurement
Principles of Public Finance
Public Revenue and Taxation
National Debt and Income Determination
Fiscal Policy
Determinants of the Level of National Income and Employment
Determination of National Income
Theories of Employment
Theory of International Trade
Balance of Payments
Commercial Policy
Development and Planning Economics
Introduction to Development Economics
Features of Developing Countries
Economic Development and Economic Growth
Theories of Under Development
Theories of Economic Growth
Agriculture and Economic Development
Monetary Economics and Public Finance
History of Money

 

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