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What are the inputs into production and explain why they cost money?
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The amount of money that a firm pays to buy inputs is called?
Total cost
Draw a production possibility curve and use it to explain scarcity choice and opportunity cost?
Production Possibility Curve this is an image of a ppf/ ppc
What is money cost?
its refer to total money expendutre by firm on the various its men,s which it uses for production
What is production cost and break even analysis?
The production cost is the cost to produce the product. The break even analysis is the amount you would have to sell the product for to simple break even on your cost-not to make a profit or lose money.
How does interest rates affect people?
Interest rates affect the value of holding assets compared to the value of holding money (since putting your money in an investment or a bank account is the opportunity cost to holding it as money). When interest rates increase, it is more profitable to save money than before, so the savings rate (the rate at which people save money at) increases and consumption decreases. Additionally, the interest rate also affects the net present value of the capital stock, wages, and other inputs in production, so production changes with the interest rate. Therefore, the interest rates can affect consumption and production.
Explain why a firm needs to know its short run production function to be able to calculate the costs of production?
In the fhort-run production, a firm can produce and various its quantities of inputs to maximize its profit in a period of time frame. Variable cost, fixed cost, total average cost, marginal cost ....profit.
What is meant by cost of production?
cost of production is the amout of money spend on the production of a perticular comodites.
The amount of money that a firm pays to buy inputs is called?
Total cost
The production budget shows both unit production data and unit cost datais this trueexplain?
The production budget shows both unit production data and unit cost detais this true explain?
Draw a production possibility curve and use it to explain scarcity choice and opportunity cost?
Production Possibility Curve this is an image of a ppf/ ppc
What does the law of increasing cost explain?
The law of increasing cost explains that as production increases, the opportunity cost of producing additional units of a good also increases. This is because resources are not equally efficient in producing all goods, and as more of one good is produced, resources are shifted from their most efficient use to less efficient uses.
What is money cost?
its refer to total money expendutre by firm on the various its men,s which it uses for production
Explain why a production possibilities curve is concave?
Because when one produces one product, the opportunity cost of the other product increases i.e. the concave represents the increasing opportunity cost with the production of a good.
What is the difference between prime cost and direct cost?
Prime cost is a way of measuring the total cost of the production inputs needed to create a given output. Likewise direct costs are directly linked to production but are more specific. For example, a direct cost would be direct labour, direct materials or direct expenses. Where as, prime cost is the total of all of those direct costs forming one prime cost.
What is production cost and break even analysis?
The production cost is the cost to produce the product. The break even analysis is the amount you would have to sell the product for to simple break even on your cost-not to make a profit or lose money.
What is the meaning of cost of inputs?
its when you have it with someone hhahhahhaha
How does interest rates affect people?
Interest rates affect the value of holding assets compared to the value of holding money (since putting your money in an investment or a bank account is the opportunity cost to holding it as money). When interest rates increase, it is more profitable to save money than before, so the savings rate (the rate at which people save money at) increases and consumption decreases. Additionally, the interest rate also affects the net present value of the capital stock, wages, and other inputs in production, so production changes with the interest rate. Therefore, the interest rates can affect consumption and production.
