Production and Cost

Production and Cost. The Nature of the Firm. What is a business firm? An organization, owned and operated by private individuals, that specializes in production Production is the process of combining inputs to make outputs The firm must deal with a variety of individuals and organizations

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Production and Cost

2. Production and Cost of Health Care. We want to look at 4 basic aspects.- Substitution between Inputs- Cost Function, and Economies of Scale and Scope- Use of Economies of Scale and Scope in Cost Function Studies- Measurement of Efficiency. 3. Traditional Health Technology Analysis. Altho

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Production and Cost

2. The Nature of the Firm. What is a business firm?An organization, owned and operated by private individuals, that specializes in productionProduction is the process of combining inputs to make outputsThe firm must deal with a variety of individuals and organizationsSells its output to customer

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Urea or Substituted Urea

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Cost and production

Cost and production. Firms maximize profits Types of costs and their relevance for decision making. Long run vs. short run Optimal choice between the inputs. Marginal product of labor. MP L = D Q/ D L Increase in total output associated with increase in labor

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COST OF PRODUCTION

COST OF PRODUCTION. Microeconomics Made Easy by William Yacovissi Mansfield University William Yacovissi All Rights Reserved. COST OF PRODUCTION. In order to make a product, or offer a service, a company must buy or supply the materials needed to make the product.

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Production of Prilled Urea

Production of Prilled Urea. Sule Alabi Jonathan Arana Elizabeth Moscoso Oleg Yazvin Mentor: Dan Rusinak – Middough. BFD of Urea & Prill Plant. Output NH3 Purge & Urea Solution To Amm. Nitrate & UAN Plants. Urea Production Plant. CO2 & NH3 Recycled Gas . Inlet NH3 & CO2 from NH3 Plant.

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Cost and Production

Cost and Production. Chapters 6 and 7. Production Functions. Describe the technology available to the firm Q = f(K, L) where K and L are input quantities K is capital, L is labor Represented graphically as Isoquants Combinations of K and L that produce the same quantity of output Convex

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Cost of Production

Cost of Production. Total Revenue (TR) Total amount a firm receives for the sale of its output Total Cost (TC) Total amount a firm pays for the inputs to produce its output Profit (∏) Total Revenue minus total cost ∏ = TR - TC. Type of Cost. Accounting Cost verses Economic Cost

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Production and Cost

10. Production and Cost. CHAPTER. “Restaurants with peppermills the size of fire extinguishers and big red menus with the entrees spelled with f' s instead of s' s are always expensive.” Miss Piggy. C H A P T E R C H E C K L I S T.

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Cost of Production

Cost of Production. The cost functions of a firm show the minimum costs that the firm would incur in producing various levels of output. In economics, costs include explicit and implicit costs.

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Production and Cost

13. Production and Cost. CHAPTER. C H A P T E R C H E C K L I S T. When you have completed your study of this chapter, you will be able to. 1 Explain how economists measure a firm’s cost of production and profit.

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Cost of Production

Cost of Production. CHAPTER. 7. Value of input services that are used in production but not purchased in a market. IMPLICIT COST. Total cost of production of a good that includes direct and indirect costs. SOCIAL COST. The value of a resource in its next best use. OPPORTUNITY COST.

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Production and Cost

12. CHAPTER. Production and Cost. 1. 2. 3. 4. C H A P T E R C H E C K L I S T. When you have completed your study of this chapter, you will be able to. Explain how economists measure a firm’s cost of production and profit.

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Production and Cost

Production and Cost. PRINCIPLE of Opportunity Cost The opportunity cost of something is what you sacrifice to get it. Economic Cost. In economics, the notion of a firm ’ s costs is based on the notion of economic cost.

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PRODUCTION OF UREA

PRODUCTION OF UREA. Urea is a white dry organic compound and a crystalline substance and has minimum of 46% Nitrogen calculated in dry state.  M.P: 132 deg C.

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Production and Cost

10. Production and Cost. CHAPTER. C H A P T E R C H E C K L I S T. When you have completed your study of this chapter, you will be able to. 1 Explain how economists measure a firm’s cost of production and profit.

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Production and Cost

Production and Cost. Figure 1 The Firm and Its Environment. Percent of Firms. Percent of Total Sales. Corporations 20%. Partnerships 7%. Corporations 90%. Sole Proprietorships 73%. Partnerships 4%. Sole Proprietorships 6%. Figure 2 Forms of Business Organization.

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Cost of Production

Cost of Production. Explicit cost : Includes all tangible expenses that appear in the account books - incurred through market transaction Implicit Cost- Does not appear in account books- own resources of entrepreneur- imputed cost

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Production of Prilled Urea

Production of Prilled Urea. Sule Alabi Jonathan Arana Elizabeth Moscoso Oleg Yazvin Mentor: Dan Rusinak – Middough. BFD of Urea & Prill Plant. Output NH3 Purge & Urea Solution To Amm. Nitrate & UAN Plants. Urea Production Plant. CO2 & NH3 Recycled Gas. Inlet NH3 & CO2 from NH3 Plant.

1.29k views • 14 slides

Production and Cost

Production and Cost. PRINCIPLE of Opportunity Cost The opportunity cost of something is what you sacrifice to get it. Economic Cost. In economics, the notion of a firm’s costs is based on the notion of economic cost.

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