Production, Costs, Revenue And Profit
Muhtasari
A bakery and a national supermarket chain both sell bread. The bakery pays more for every sack of flour it buys, more per loaf for its ovens, more per delivery for its van. It is not badly run. It is simply small, and in this part of economics size changes the arithmetic. Understanding why is the difference between describing a business and explaining one.
This lesson gives you the four quantities every producer watches: costs, revenue, profit and productivity. You will separate fixed costs from variable ones and total figures from averages, calculate profit from raw sales data, and work out how much output a workforce produces per head. Then you will meet economies of scale, the reason a bigger firm can undercut a smaller one, and diseconomies of scale, the reason getting bigger eventually starts to hurt. Along the way you will meet the awkward question the examiners keep returning to: what happens when the pursuit of profit runs into what is right.
Malengo
- Business objectives
- Types of costs
- Types of revenue
- Profit
- The importance of cost, revenue and profit for producers
- Moral and ethical considerations
- Production and productivity
- The meaning and importance of productivity
- The factors that influence productivity
- Economies of scale
- The meaning of economies of scale
- Types of economies of scale
- Diseconomies of scale
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Maelezo ya Somo
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Tathmini ya Somo
Hongera kwa kukamilisha somo la Production, Costs, Revenue And Profit. Sasa kwa kuwa umechunguza dhana na mawazo muhimu, ni wakati wa kuweka ujuzi wako kwa mtihani. Sehemu hii inatoa mazoezi mbalimbali maswali yaliyoundwa ili kuimarisha uelewaji wako na kukusaidia kupima ufahamu wako wa nyenzo.
Utakutana na mchanganyiko wa aina mbalimbali za maswali, ikiwemo maswali ya kuchagua jibu sahihi, maswali ya majibu mafupi, na maswali ya insha. Kila swali limebuniwa kwa umakini ili kupima vipengele tofauti vya maarifa yako na ujuzi wa kufikiri kwa makini.
Tumia sehemu hii ya tathmini kama fursa ya kuimarisha uelewa wako wa mada na kubaini maeneo yoyote ambapo unaweza kuhitaji kusoma zaidi. Usikatishwe tamaa na changamoto zozote utakazokutana nazo; badala yake, zitazame kama fursa za kukua na kuboresha.
- Which of the following is most likely to be a variable cost for a bakery? A. Building insurance B. Flour C. The manager's salary D. The rent on the shop Answer: B
- A firm's total revenue is $80,000 and its total costs are $63,500. What is its profit? A. $16,500 B. $63,500 C. $80,000 D. $143,500 Answer: A
- A firm pays a lower price per tonne to its suppliers as its output increases. Which economy of scale is this? A. Financial B. Managerial C. Purchasing D. Risk-bearing Answer: C
- A workshop with 5 workers produces 240 units a day. What is the output per worker? A. 24 units B. 48 units C. 235 units D. 1,200 units Answer: B
- Which of the following is a cause of diseconomies of scale? A. Bulk-buying discounts on raw materials B. Communication becoming slower as the firm grows C. Fixed costs being spread over more units D. Lower interest rates on borrowing Answer: B
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