Business Costs, Revenues And Profit
Bayani Gaba-gaba
Behind every price tag sits a calculation: how much did this cost to make, how much money will selling it bring in, and is there anything left over once the bills are paid? Every business, from a market stall to a multinational, answers these same three questions using the same handful of formulae.
In this lesson you will calculate total and average cost, total revenue and profit, and see why these figures behave differently in the short run, when at least one factor of production is fixed, compared with the long run, when a business can change its entire scale of operation. You will then explore economies and diseconomies of scale, and see how the long run average cost curve shows a business exactly where it is most efficient to operate.
Manufura
- Definition and use of formulae to calculate total revenue, total costs, total fixed costs, total variable costs, average (total) costs, profit
- Economies of scale: definition, types of internal economies of scale (purchasing, marketing, technical, financial, managerial, risk bearing), definition of external economies of scale, types of external economies of scale (skilled labour, infrastructure, access to suppliers, similar businesses in area)
- Diseconomies of scale: definition, types (bureaucracy, communication problems, lack of control, distance between top management and workers), the use of long run average cost (LRAC) curve diagram annotated to show internal economies of scale and diseconomies of scale and where the business will be most efficient
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Nazarin Darasi
Barka da kammala darasi akan Business Costs, Revenues And Profit. Yanzu da kuka bincika mahimman raayoyi da raayoyi, lokaci yayi da zaku gwada ilimin ku. Wannan sashe yana ba da ayyuka iri-iri Tambayoyin da aka tsara don ƙarfafa fahimtar ku da kuma taimaka muku auna fahimtar ku game da kayan.
Za ka gamu da haɗe-haɗen nau'ikan tambayoyi, ciki har da tambayoyin zaɓi da yawa, tambayoyin gajeren amsa, da tambayoyin rubutu. Kowace tambaya an ƙirƙira ta da kyau don auna fannoni daban-daban na iliminka da ƙwarewar tunani mai zurfi.
Yi wannan ɓangaren na kimantawa a matsayin wata dama don ƙarfafa fahimtarka kan batun kuma don gano duk wani yanki da kake buƙatar ƙarin karatu. Kada ka yanke ƙauna da duk wani ƙalubale da ka fuskanta; maimakon haka, ka kallesu a matsayin damar haɓaka da ingantawa.
- Total cost is calculated as: A) Total fixed costs minus total variable costs B) Total fixed costs plus total variable costs C) Total revenue minus profit D) Average cost multiplied by price Answer: B
- A firm's total cost of producing 400 units is GBP 8,000. What is its average cost? A) GBP 8 B) GBP 20 C) GBP 32 D) GBP 3,200,000 Answer: B
- A firm sells 150 units at GBP 30 each and has total costs of GBP 3,800. What is its profit? A) GBP 500 B) GBP 700 C) GBP 4,500 D) GBP 8,300 Answer: B
- Which of the following is an example of an internal economy of scale? A) A shared pool of skilled local workers B) A large firm negotiating a bulk-buying discount from suppliers C) New roads built to serve a growing industrial area D) Specialist suppliers setting up nearby to serve an industry cluster Answer: B
- On a long run average cost (LRAC) curve, the minimum efficient scale is: A) The output level where fixed costs are highest B) The smallest output at which long run average cost reaches its lowest point C) The output level where profit is zero D) The largest possible output a firm could ever produce Answer: B
Yi aikin wadannan tambayoyi a cikin manhaja
Yi aikin wadannan tambayoyi a cikin manhaja
Littattafan da ake ba da shawarar karantawa
Ƙarin koyo daga tushe na buɗe
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Sashen littafi
Costs in the Short Run
Understand the relationship between production and costs
"Principles of Economics 2e: Costs in the Short Run" by OpenStax, OpenStax, Rice University, licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Source: https://openstax.org/books/principles-economics-2e/pages/7-3-costs-in-the-short-run. Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction
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Sashen littafi
Costs in the Long Run
Calculate long run total cost
"Principles of Economics 2e: Costs in the Long Run" by OpenStax, OpenStax, Rice University, licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Source: https://openstax.org/books/principles-economics-2e/pages/7-5-costs-in-the-long-run. Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction
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