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  2. Psychological pricing - Wikipedia

    en.wikipedia.org/wiki/Psychological_pricing

    The total cost of purchased items is then rounded up or down to, for example, the nearest 0.05. This may have an effect on future just-below pricing, especially at small retail outlets where single-item purchases are more common, encouraging vendors to price with .98 and .99 endings, which are rounded up when .05 is the smallest denomination ...

  3. Subjective theory of value - Wikipedia

    en.wikipedia.org/wiki/Subjective_theory_of_value

    Classical economists such as David Ricardo proposed a labour theory of value that states there is a direct correlation between the value of a good and the labour required to produce the good, concluding "The value of a commodity, or the quantity of any other commodity for which it will exchange, depends on the relative quantity of labour which is necessary for its production, and not on the ...

  4. Cost-of-production theory of value - Wikipedia

    en.wikipedia.org/wiki/Cost-of-production_theory...

    The cost can comprise any of the factors of production (including labor, capital, or land) and taxation. The theory makes the most sense under assumptions of constant returns to scale and the existence of just one non-produced factor of production. With these assumptions, minimal price theorem, a dual version of the so-called non-substitution ...

  5. Cost - Wikipedia

    en.wikipedia.org/wiki/Cost

    Social costs are the sum of private costs and external costs. [7] For example, the manufacturing cost of a car (i.e., the costs of buying inputs, land tax rates for the car plant, overhead costs of running the plant and labor costs) reflects the private cost for the manufacturer (in some ways, normal profit can also be seen as a cost of ...

  6. Escalation of commitment - Wikipedia

    en.wikipedia.org/wiki/Escalation_of_commitment

    Leaders must balance costs and benefits of any problem to produce a final decision. What matters most often in assuring the leader that they made the right choice regardless of the final outcome is if their decision is what others believed in. [4] Research conducted on the topic has been taken from many other forms and theories of psychology.

  7. Prices of production - Wikipedia

    en.wikipedia.org/wiki/Prices_of_production

    A production price for outputs in Marx's sense always has two main components: the cost-price of producing the outputs (including the costs of materials, equipment, operating expenses, and wages) and a gross profit margin (the additional value realized in excess of the cost-price, when goods are sold, which Marx calls surplus value).

  8. Economies of scale - Wikipedia

    en.wikipedia.org/wiki/Economies_of_scale

    Overall costs of capital projects are known to be subject to economies of scale. A crude estimate is that if the capital cost for a given sized piece of equipment is known, changing the size will change the capital cost by the 0.6 power of the capacity ratio (the point six to the power rule). [16] [d]

  9. Production (economics) - Wikipedia

    en.wikipedia.org/wiki/Production_(economics)

    The difference in the value of the production values (the output value) and costs (associated with the factors of production) is the calculated profit. Efficiency, technological, pricing, behavioural, consumption and productivity changes are a few of the critical elements that significantly influence production economically.