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The cost of production (0)

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The costs of production
Production
Decisions about production require individual agents to make decisions about the allocation and use of physical inputs.
Since the objectives are often pecuniary, it is often necessary to relate the decisions about the physical units of inputs and outputs to the costs of production.
  • If the prices of the inputs and the production relationships are known (or understood ), it is possible to calculate or estimate all the cost relationships for each level of output.
In practice however , the decision maker will probably have partial information about some of the costs and will need to estimate production relationships in order to make decisions about the relative amounts of the different inputs to be used.
Production is an activity where resources are altered or changed and there is an increase in the ability of these resources to satisfy wants.

Production, more specifically,
  • the technology used in the production of a good (or service )
  • the prices of the inputs determine the cost of production.

Production processes increase the ability of inputs (or resources) to satisfy wants by:
  • a change in physical characteristics
  • a change in location
  • a change in time
  • a change in ownership

At its most simplistic level, the economy is a social process that allocates relatively scarce resources to satisfy relatively unlimited wants.
To achieve this objective , inputs or resources must be allocated to those uses that have the greatest value .
Consumers or buyers wish to maximize their utility or satisfaction given (or constrained by)
  • their incomes,
  • preferences,
  • the prices of the goods they may buy.
The behavior of the buyers or consumers is expressed in the demand function. In a market setting, this is achieved by buyers (consumers) and sellers ( producers ) interacting. The producers and/or sellers have other objectives.
Profits may be either an objective or constraint.
As an objective, a producer may seek
  • to maximize
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The cost of production #1 The cost of production #2 The cost of production #3 The cost of production #4 The cost of production #5 The cost of production #6 The cost of production #7
Punktid 50 punkti Autor soovib selle materjali allalaadimise eest saada 50 punkti.
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Autor meeryke Õppematerjali autor

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