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costs

costs

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Published by ABID H

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Published by: ABID H on Sep 15, 2008
Copyright:Attribution Non-commercial

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09/25/2010

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Costs of Production
 
The Meaning of Costs
Opportunity costs
 –
meaning of opportunity cost
 –
examples
Measuring a firm’s opportunity costs
 –
factors not owned by the firm: explicit costs
 –
factors already owned by the firm: implicitcosts
 –
irrelevance of:
historic costs
replacement costs
 
Production in the Short run
Production functions
 –
factors of production
labour 
land and raw materials
capital
entrepreneurship
 –
the relationship between inputs and output
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