Purchase Solution

Economics Production Cost

Not what you're looking for?

Ask Custom Question

1. Distinguish between explicit and implicit costs, giving examples of each. Differentiate between accounting profit, normal profit and economic profit.

2. Define Short Run Production Costs (TC, FC, VC, ATC, AVC and MC). Why ATC, AVC, and MC are U-shaped?

Purchase this Solution
Solution Summary

The expert distinguishes between explicit and implicit costs. Accounting profits are determined.

Solution provided by:
Jayant Kumar, MBA
Education
  • MBA, Indian Institute of Finance
  • Bsc, Madras University
Recent Feedback
  • "I've posted a similar question for another course. It's post 657940, and it's a practice problem that I'd like to use for the final exam. Your help will be greatly appreciated. "
  • "thank you!"
  • "Thank you again Jayant. You are super fast. "
  • "Thank you Jayant. You are appreciated. "
  • "Again, thank you Jayant. You are wonderful. "
Purchase this Solution
Free BrainMass Quizzes
Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

View More Free Quizzes
Related BrainMass Solutions

  • Illustration of Opportunity Cost & the PPC

    446728 Plot this student's production possibilities curve (PPC) Please help with the following questions. Does the PPC illustrate increasing or decreasing opportunity cost?

  • Opportunity Cost and the Production Possibilities Curve

    The solution discusses opportunity cost and the production possibilities curve.

  • Production Economics: Cost Analysis

    509242 Production Economics and Cost Analysis "Cost Analysis" : Production Economics & Cost Analysis - Pick a good or service. Distinguish between the short-run and the long-run production and cost function for that good or service.

  • What is economics.

    Economics is the social science that studies the production, distribution, and consumption of goods and services. Economics aims to explain how economies work and how economic agents interact.

  • Government Affects of Fundamental Economics

    610317 Government Affects of Fundamental Economics 1. Does economics help teach us how to approach problems, or does it provide us with a set of answers to problems? What do you think your opportunity cost is? 2.

  • Explain the following terminologies in economics

    633473 Explain the following terminologies in economics Economics Terms Explained: * Spreading the overhead. * A break-even level of production. * The efficiency of mass production?

  • Economics: role in decisions

    Hence Economics analyzes issues like demand, supply, production and helps in solving the problems.

  • Managerial Economics: Introducing New and Innovative Vehicle

    The increase in the production is also causing less cost of production for the companies that assist to achieve their business objectives.

  • Economies of Scale/Scope

    Then, provide a specific company example of economics of scale or economics of scope and how it affects production and cost or how technology affects the inputs and costs. Conduct research and use specific examples.

  • The role of economics in everyday life.

    Please write in your own words otherwise put the reference you got the information Thank you a) What is economics economics is a social science that studies the production, distribution, and consumption of goods and services.

View More Related Solutions