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1. Sunk approachs Opport unity courts from previous expenditures that be parti in ally or whole irretrievable. Incremental appeal - The include qualifying that a comp both experiences within its remnant woodworking plane due to one additional unit of production. Incremental price = ?TVC, marginal cost = ?TVC/?Q. 2. Fixed apostrophize A cost that remains the same regardless of a change in a companys productivity or any other action. Variable Cost Costs that do change in proportion to the activity of a business. 3. Incremental Cost - The encompassing change that a company experiences within its balance sheet due to one additional unit of production. borderline Cost Is the incremental cost of producing that one additional unit of output. It is a limiting case of Incremental Cost. 4. Opportunity Cost The cost of an alternative opportunity that must be forgone in order to accomplish another action Out of pocket Cost - Cost requiring cash disbursements in the current accounting period. essentially the difference between the two is that Opportunity costs be intangible and Out of Pocket Costs are completely tangible. 5. Economics of scurf is: When the unit cost of production decreases and the inputs all increase.

The Economies of scale is a direct correlation to returns to scale because when a companys output increases by more than the increases in all of the inputs then the cost of producing those units decreases. Main determinants of economics of scale: Table 7.4 on pg. 269 Management efficiencies (line and staff) how efficient is this function in a company Lower cost of raising of capital coin raising capital is cheaper Discounts from bulk purchases Economies in maintaining inventory of alternate parts and maintenance personnel 6. The Main characteristics of a perfectly agonistic market that cause buyers and sellers to be price takers consists of : Large summate of smaller type sellers - This means that there are many... If you indigence to get a full essay, order it on our website: Orderessay

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