Total Variable Cost Calculation: Variable cost differs with the volume of the output produces. Here is the formula used to calculate the variable cost.
Marginal costs are the costs it takes to produce different amounts of a given product. Learn how to calculate marginal costs, total costs, and average costs, and the ways that these are used to determine an ideal price per unit of a good. What Is a Marginal Cost? Let's say you owne...
A business's size is related to whether it can achieve an economy of scale—larger companies will have more cost savings and higher production levels. Economies of scale can be both internal and external; internal economies are caused by factors within a single company, while external factors af...
OS Microeconomics 2e Perfect Competition Search for: How Perfectly Competitive Firms Make Output DecisionsLearning Objectives By the end of this section, you will be able to: Calculate profits by comparing total revenue and total cost Identify profits and losses with the average cost curve Explai...
A business's size is related to whether it can achieve an economy of scale—larger companies will have more cost savings and higher production levels. Economies of scale can be both internal and external; internal economies are caused by factors within a single company, while external factors af...
To what extent is product pricing a choice between customer value and the cost incurred in producing the product? How do you calculate the marginal rate of substitution in Microeconomics? In what way the change in price will shift demand? Suppose the demand function for a product is x thousand...
the opportunity cost of 200 bikes is 400 beers. In other words, the opportunity cost of each bike is 2 beers for this level of production. Note that the opportunity cost of a beer equals the slope of the production possibilities frontier. If you do not recall how to calculate the slope ...
803K What is marginal cost? Learn how to calculate marginal cost with the marginal cost formula. See the definition, behavior, and marginal cost examples. Related to this QuestionWhy does profit maximization happen on the point where marginal cost e...
Then, we display Lorenz curves of SAIDI based on population and GDP standards, respectively, to manifest the inequality of ESQ distribution in China and calculate the Gini index, as shown in Figure 2. We can find that the Gini coefficients based on GDP are relatively larger, that is,...
We calculate the data used to determine the variables for productivity, exports, knowledge assets, and industry competition based on 2010 prices. We express all data in logarithmic form. As EXE is zero for firms that do not export, we employ EXE as the natural log of one, plus export ...