Archive | Cost

Measurement of Opportunity Cost

In this article we will discuss about the measurement of opportunity cost. The reader will also be able to learn about whether opportunity cost can ever be zero or not. In truth, the central problem faced by every society is the allocation of scarce resources to satisfy as many wants as possible. The problem arises because of three characteristics of [...]

By |2017-01-13T05:58:26+05:30January 13, 2017|Opportunity Cost|Comments Off on Measurement of Opportunity Cost

How are a Firm’s Short Run Average and Marginal Cost Curves Derived? | Economics

The following article will guide you about how are a firm's short run average and marginal cost curves derived. Just as the average and marginal product curves were derived geometrically from the total product curve, the average and marginal cost curves may also be derived from the corresponding total cost curve. Figure 3 illustrates the derivation of average fixed cost. [...]

By |2017-01-13T05:58:21+05:30January 13, 2017|Cost|Comments Off on How are a Firm’s Short Run Average and Marginal Cost Curves Derived? | Economics

What is meant by the Cost Schedule of a Firm? (With Format)

Get the answer of: What is meant by the Cost Schedule of a Firm? Also learn about the format of cost schedule. A cost schedule is a table showing the total costs of production at different levels of output and from which marginal costs and average costs can be calculated and cost curves drawn. While preparing such a schedule we [...]

By |2017-01-13T05:58:21+05:30January 13, 2017|Cost Schedule|Comments Off on What is meant by the Cost Schedule of a Firm? (With Format)
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