traditional and modern theory of cost pdf

Traditional And Modern Theory Of Cost Pdf

By Cato A.
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Supply along with demand determines price. We study some important concepts of costs, and traditional and modern theories of cost. Costs are very important in business decision-making. Cost of production provides the floor to pricing. It helps managers to take correct decisions, such as what price to quote, whether to place a particular order for inputs or not whether to abandon or add a product to the existing product line and so on.

Traditional and Modern Theory of Cost)

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The concept of business cost is similar to actual cost. Normal profit is the necessary minimum earning which the firm must receive to remain in the present occupation. All the explicit cost like wages, rent, interest etc fall in this category. These are the cost that cannot be recovered. For eg. Amortization of past expenses like depreciation , expenditure on a highly specialized equipment designed to order for a plant that can neither be sold to any other firm nor can be used for any alternative purpose.

By a similar summing up, we can have the demand curve of all the industries using a particular productive service. The supply of labour will depend on the size and composition of population, its occupational and geographical distribution, labour efficiency, cost of education and training, cost of movement, the expected income, relative preference for work and leisure, and so on. These developments ushered in the modern era of time series spectrum analysis which has witnessed important contributions by a number of investigators. This peculiarity will be represented by a backward sloping curve after a stage. The modern theory of distribution also known as the supply and demand theory of distribution , on the contrary, provides a more satisfactory explanation of factor pricing than the marginal productivity theory. As for the supply side, the supply curve of a factor depends on the various conditions …

L-Shaped Long Run Average Cost Curve: Modern Cost Theory

Traditional theory distinguishes between the short run and the long run. The short run is the period during which some factors is fixed; usually capital equipment and entrepreneurship are considered as fixed in the short run. The long run is the period over which all factors become variable. In the traditional theory of the firm total costs are split into two groups total fixed costs and total variable costs:. The fixed costs include:. Another element that may be treated in the same way as fixed costs is the normal profit, which is a lump sum including a percentage return on fixed capital and allowance for risk.

Theory of Costs

A significant recent development in cost theory is that the long-run average cost curve is L- shaped rather than U-shaped. Even after a sufficiently large scale of output, the long-run average cost does not rise; it may either remain constant or it may even go on falling slightly. Empirical evidence indicates that initially the long-run average cost rapidly falls but after a point it remains flat throughout or at its right-hand end it may even slope gently downward.

Traditional theory distinguishes between the short run and the long run. The short run is the period during which some factors is fixed; usually capital equipment and entrepreneurship are considered as fixed in the short run. Total cost is the total expenditure incurred by a firm during the production process.

Беккер шумно вздохнул. Разумеется. Но мне она неизвестна. - Видите ли, ситуация не столь проста. Вы сказали, что самолет улетел почти пустой.

Как хищник, идущий по следам жертвы, Халохот отступил в заднюю часть собора, а оттуда пошел на сближение - прямо по центральному проходу. Ему не было нужды выискивать Беккера в толпе, выходящей из церкви: жертва в ловушке, все сложилось на редкость удачно. Нужно только выбрать момент, чтобы сделать это тихо.

Завладеть персональными кодами компьютеров Третьего узла было проще простого. У всех терминалов были совершенно одинаковые клавиатуры. Как-то вечером Хейл захватил свою клавиатуру домой и вставил в нее чип, регистрирующий все удары по клавишам.

Вспомнил о Сьюзан. Это были простые воспоминания: как он учил ее есть палочками, как они отправились на яхте к Кейп-Коду. Я люблю тебя, Сьюзан, - подумал.  - Помни это…. Ему казалось, что с него сорваны все внешние покровы.

Theory of the Firm

Секунду спустя машина остановилась рядом с. - Мисс Флетчер! - раздался изумленный возглас, и Сьюзан увидела на водительском сиденье электрокара, похожего на те, что разъезжают по полям для гольфа, смутно знакомую фигуру. - Господи Иисусе! - воскликнул водитель.  - С вами все в порядке. Мы уж думали, вы все погибли.

Но Дэвид знал, что никогда ей этого не откроет. Секрет выражения без воска был ему слишком дорог. Он уходил корнями в давние времена. В эпоху Возрождения скульпторы, оставляя изъяны при обработке дорогого мрамора, заделывали их с помощью сеrа, то есть воска. Статуя без изъянов, которую не нужно было подправлять, называлась скульптурой sin cera, иными словами - без воска.

Но мы с мисс Флетчер проводим диагностику особого рода. Это файл высочайшей сложности. Я должен был тебя предупредить, но не знал, что сегодня твое дежурство.

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