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Topic cost
1.
Topic on Production
and Cost Functions and Their Estimation
2.
3.
Production function Thomas
Machine Company
4.
Production function Thomas
Machine Company
5.
Production function Thomas
Machine Company
6.
7.
8.
9.
10.
Production functions with
two variable inputs
11.
Q = f
(labor, machine Tools)
12.
13.
Labor Capital 0
K 2 100 200 300 K 1 L 2 L 1
14.
15.
16.
Labor Capital 0
M/P K M/P L Slope = -P K /P L
17.
Maximization of output
for given cost Labor Capital 0 100 200 300 R
18.
MP L /P
L = MP K /P K Labor Capital 0 100 200 300 R
19.
20.
21.
22.
23.
24.
25.
The Analysis of
Costs
26.
27.
28.
29.
30.
31.
Fixed, variable, and
total costs Media Corp.
32.
Fixed, Variable, and
Total Costs -- Media Corp.
33.
Average and marginal
costs Media Corp.
34.
Average and marginal
costs Media Corp.
35.
36.
37.
38.
Minimum efficient scale
The smallest output at which long-run average cost is a minimum. Quantity of output Average cost Q mes
39.
40.
41.
Break-even analysis Quantity
of output Dollars Total Revenue Total Cost Loss Profit
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