Written by: Edmund Quek CHAPTER 6 THE THEORY OF COST LECTURE OUTLINE 1 2 2.1 2.2 2.3 2.4 2.5 2.6 3 3.1 3.2 3.3 INTRODUCTION SHORT-RUN THEORY OF COST Distinction between fixed cost and variable cost Total cost Marginal cost Average cost Relationship between marginal cost and average cost Optimum capacity LONG-RUN THEORY OF COST Cost minimisation in the long run Long-run average cost Productive efficiency References John Sloman‚ Economics William A. McEachern‚ Economics Richard G. Lipsey and
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Thesis: Sharon Olds in‚ On the Subway‚ organizes the poem in three parts to present the contrasting lives of a Caucasian woman and an African American boy‚ which displays the narrator’s realization of the bond they share because of their similar fear of each other. In the first several lines‚ Olds presents the setting of the subway car‚ and the separation between its passengers. A notable simile illustrates the obvious differences between the white narrator and the boy‚ “His feet are huge‚ in
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1. Define production. What are the factors of production? Define production: Production means the creation of Utility. Through production inputs are converted into output which can satisfy or meet wants or demands. So production is a process of transforming inputs into useable outputs. Utilities are created in three forms such as (i) Changing the form (ii) changing time and (iii) changing place. Example: Wood in a forest generally has no utility to a consumer but cutting the wood‚ changing
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Chapter 05 Production and Cost Essay Questions 1. Always Round Tire has a production function of Q = 300 L.75 K.5. In the short run‚ if L = 250 and K = 25‚ what happens to the output of tires if L jumps to 300 and then 350. What law does this illustrate? When L=250 and K=25 then Q=94307. When L increases to 300‚ Q increases to 108‚127. When L increases to 350‚ Q increases to 121‚379. This shows the effects of diminishing marginal returns to labor as a factor of production. AASCB:
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Lecture on Production and Cost of Production Basic Economics Production is the transformation of inputs into outputs. Production Function shows the relationship between quantities of various inputs that can be produced with those inputs per unit of time expressed in a table‚ graph or an equation. Q = f (K ‚L) given a technology Where: K = Capital and L = Labor Periods of Production 1. Short – run – the use of at the least one factor of production cannot be changed‚ or there are
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Date: Topic: Production Possibilities & Opportunity Cost 1. The slope of the production possibility frontier shows A. the technically efficient combinations of the two goods B. how factor inputs must be changed to keep them fully employed C. the opportunity cost of one good in terms of the other D. how consumers are willing to trade one good for another 2. A. OM B. OH C. YF D. MH 3. Which of the following will not shift a country’s production possibilities frontier outward
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regarded as one of the world’s leading railways. We often hear foreigners say that the Hong Kong railway is the world’s premier. What is the visitors think about Hong Kong’s subway? Hence‚ we are doing this survey to find out the answer. In this report‚ we aim to survey interviewees’ views about Hong Kong’s subway and the subway in other countries. We also investigated of different ages visitors. Suggestions for improvement were also collected from respondents. This report is based on the results
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The Subway® is mainly selling submarine sandwiches (subs) and salads to their customer. It is a strong and growing brand which is known for fresh and healthy made-to-order sandwiches. It provides low fat menu and allows their customer to mix-and-match the ingredients into their subs according to their preferences. Besides‚ Subway® also offers other products such as soft drinks‚ snacks and cookies. Customers are allowed to combine their subs‚ drinks and snacks in order to getting a cheaper offer.
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“On the Subway” “On the Subway” is a poem by Sharon Olds that unfolds “to convey a sense of fear‚ ambiguity‚ inequality‚ and inner city tension. The situation is set by the title‚ and this makes all that follows clear as far as its meaning is concerned.”(para. 1). Ms. Olds tells the story through the narrator who while riding the train observes that she is alone with a young black boy. “While nothing really happens beyond the two observing each other‚ the poem still manages to shed light to inequality
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food chain‚ a subsidiary of Yum! Brands Inc.‚ the world’s largest restaurant company. It was founded in Wichita‚ Kansas‚ USA in 1958 and is running its operations in about 91 countries worldwide. It is one of the major competitors of McDonald and Subway. Pizza Hut serves a large variety of starters‚ soups‚ salads‚ sandwiches‚ Pastas and deserts. Strategies:- The strategies at Pizza hut are guided by principles like Cleanliness‚ Hospitality‚ Accuracy‚ Maintenance‚ Product quality and Speed (CHAMPS)
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