TAILIEUCHUNG - Lecture Managerial economics: Chapter 8 - Dr. Hasnain Naqvi

This chapter provides knowledge of costs of production. The contents of this chapter include all of the following: The economic concept of cost and profit, fixed and sunk cost, profit maximization with limited capacity, the cost of production, long run cost, economies of scale, economies of scope, the learning curve, cost analysis and optimal decisions. | Costs of production Outline The economic concept of cost and profit Fixed and sunk cost Profit maximization with limited capacity The cost of production Long run cost Economies of scale Economies of scope The learning curve Cost analysis and optimal decisions Opportunity cost Economists would count the following as a part of cost: Explicit, out-of-pocket costs such as tuition, books, and fees Implicit, or opportunity, cost, ., the income (or utility) lost by not pursuing your next best alternative, such as a fulltime job. What is the true cost of pursuing a MBA degree? Entrepreneurs have opportunity costs as well. For example , if I put my energy and talent into the restaurant business, I am giving up profits I could earn somewhere else. Normal profit A normal profit is the minimum profit sufficient to compensate entrepreneurs for profits lost by not pursuing their next best business opportunity Economists treat a normal profit as an implicit cost—that is, the cost of .

• Kinh tế học
• Managerial economics
• Lecture Managerial economics
• Economic principles
• Kinh tế học quản lý
• Fundamentals of managerial economics
• Costs of production
• Market interactions
• Marginal analysis
• Marginal benefit
• Price discrimination
• Monopolistic competition
• Oligopoly games
• Traditional oligopoly models
• Capital market
• Labour market
• Economic equations
• Economic applications
• Economic applications of derivatives
• Economic application
• Multi variable functions
• Constrained optimization
• Scatter diagram
• Forms of money
• Monetary policy
• Perfect competition
• Demand function
• Supply function
• Quantitative demand analysis
• Theory of individual behavior
• Demand estimation
• Production function
• Organizing production