PPT-Business Costs and Production

Previously Externalities exist when social costs benefits differ from internal costs benefits It may be possible to correct for externalities by discouraging encouraging activities that harm benefit third parties. WARM UP. Questions........ What is meant by? (2 marks). Explain two methods/ ways (4-6 marks). How could. ?. Recommend? (9 marks). Use the case study, when you state something back it up with a suggestion for the business.. MESA . u. nConference. May 5, 2014. Platinum Keystone Sponsors. Gold Keystone Sponsors. Format for this Session. What is an . unConference. ?. MESA Content to start discussion. MESA Working Group hot topics. Profit opportunities producing other products. If producers expect to make more selling. something else the supply of what they . currently produce decreases. .. Tax. Excise tax – tax on the production or sale of a good. Ch. 19, R.A. Arnold, Economics 9. th. Ed. Business / Firms. In this chapter we study the economic actor: Business / Firm or Business Firm. In Ch. 2 we studied the economic activity of production. You should review those concepts and try to relate it to this chapter.. In this chapter. Understand what is meant by operations management. Appreciate the nature of the production process and how value ca be added. Understand the difference between production and productivity, efficiency and effectiveness. AP Microeconomics. UHS. Barnett. Total Revenue, Total Cost, Profit. We assume that . the firm’s goal is to maximize profit. .. Profit. = . Total revenue. – . Total cost. the amount a firm receives from the sale of its output. Production. [ 3.5 ] Costs of . Production. Learning Objectives. Explain how businesses decide how much labor to hire in order to produce a certain level of output.. Analyze the production costs of a business.. Economies and Diseconomies of Scale. Unit 2b. By Mrs Hilton . for . revisionstation. Lesson Objectives. To be able to discuss economies and diseconomies of scale. To be able to discuss average costs. 1. Scarcity. 2. Scarcity. Resources are scarce. You can’t always get what you want so everyone must make choices.. Choices can be dependent on money but also time.. Why do individuals have to make choices? . Unit 1&2 WARM UP Questions....... What is meant by? (2 marks) Explain two methods/ ways (4-6 marks) How could ? Recommend? (9 marks) Use the case study, when you state something back it up with a suggestion for the business. What is meant by? (2 marks). Explain two methods/ ways (4-6 marks). How could. ?. Recommend? (9 marks). Use the case study, when you state something back it up with a suggestion for the business.. 9 marks – Assess – advantages and disadvantages, evaluation . Main Ideas. The . production function . is a graph or figure that shows how a change in one production variable affects total output.. Production can be analyzed in terms of . short-run or long-run relationships between inputs and outputs.. Environment. Learning Objectives. Lead A2: Compare and contrast quality management methodologies. Component A2): Compare and contrast: . Just-in-time. Quality Management. Kaizen . Process re-engineering. THE COSTS OF PRODUCTION. Total Revenue, Total Cost, Profit. We assume that . the firm’s goal is to maximize profit. .. Profit. = . Total revenue. – . Total cost. the amount a firm receives from the sale of its output.