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This document summarizes key concepts related to cost theory and estimation. It discusses short-run and long-run costs, relevant vs irrelevant costs, opportunity costs, and historical vs replacement costs. It then explains total, average, and marginal costs in the short-run using tables and graphs to illustrate the relationships between these costs as output changes. Key points made are that total cost is the sum of fixed and variable costs, marginal cost is the change in total cost from a one-unit change in output, and average costs initially decrease but eventually increase with rising output levels.
This document summarizes key concepts related to cost theory and estimation. It discusses short-run and long-run costs, relevant vs irrelevant costs, opportunity costs, and historical vs replacement costs. It then explains total, average, and marginal costs in the short-run using tables and graphs to illustrate the relationships between these costs as output changes. Key points made are that total cost is the sum of fixed and variable costs, marginal cost is the change in total cost from a one-unit change in output, and average costs initially decrease but eventually increase with rising output levels.
Copyright:
Attribution Non-Commercial (BY-NC)
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This document summarizes key concepts related to cost theory and estimation. It discusses short-run and long-run costs, relevant vs irrelevant costs, opportunity costs, and historical vs replacement costs. It then explains total, average, and marginal costs in the short-run using tables and graphs to illustrate the relationships between these costs as output changes. Key points made are that total cost is the sum of fixed and variable costs, marginal cost is the change in total cost from a one-unit change in output, and average costs initially decrease but eventually increase with rising output levels.
Copyright:
Attribution Non-Commercial (BY-NC)
Verfügbare Formate
Als PDF, TXT herunterladen oder online auf Scribd lesen